loan questions: Private Mortgage Insurance (PMI) or Mortgage Insurance Premium (MIP) - How it works
- 04/04/12 11:59 AM
Private Mortgage Insurance (PMI) or Mortgage Insurance Premium (MIP) - How it works For those of you purchasing a home with either an Insured Conventional or FHA loan, you're going to be paying a premium for mortgage insurance. Why? Because the lenders want protection in case you default on your shiny new loan. I just learned today that PMI on an Insured Conventional loan doesn't exactly work as advertised. As a result, I wanted to pass on this information to you. How can you avoid having to pay PMI or an MIP? Put 20% down on the property, then you won't … (1 comments)
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Private Mortgage Insurance (PMI) or Mortgage Insurance Premium (MIP) - How it works
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