What is the difference between pmi and mip?

One stands for private mortgage insurance and the other stands for mortgage insurance premium.you will most likely be required to pay PMI on any loan over 80% loan to value on a conventional loan, there hybrid loans that don't require it but your paying for it one way or the other. MIP usually refers to up front mortgage insurance premium which is charged on all government loans with a few exceptions. On fha loans you will be required to pay both no matter what your loan to value is.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

Make sure you ask your loan officer to explain the positive and negative ramifications of structuring the MI as a "One Time Premium", "Split Edge", "Monthly MI", and "Lender Paid MI". 4 distinct options, and all have relevancy, but you need to understand these options in order to make the right decision. Most lenders will just give you the monthly MI and not explain the options, and that may not be what is best for your financial situation.I'd be happy to help if you want to give me a call and discuss your situation in greater detail.Chris Barry www.bestloansnw.comSenior Loan Officer, since 1989American Pacific Mortgage Corp.111 SE Third Avenue Suite CHillsboro, OR 97123503-356-2241 Office 503-515-2309 Mobile503-210-9595 e-faxNMLS # 234461 / 857413 / 1850

That is not exactly the case. PMI is private mortgage insurance and MIP is mortgage insurance premium. Private mortgage insurance is on conventional programs government programs also have mortgage insurance. MIP is talking about the amount of your policy. There are a variety of ways to set up mortgage insurance these days. I am a loan officer in your neck of the woods and would love to go over all the options you have.Thanks,Derick Condron503-510-8290

mortgage insurance protection and private mortgage insurance. Google them. It's better for you to do so.

PMI is for conventional loans, MMI is for FHA.

PMI is Private Mortgage Insurance - while MIP is Mortgage Insurance Premium. MIP is added to most government loans. It is usually rolled into your loan amount, and rarely ever paid out of pocket. The cost of MIP varies by government loan product, and potentially down payment. A few quick examples is that FHA adds 1.75% to your loan amount, USDA adds 2.00%, and a zero down VA loan with a first time use adds 2.15% to the loan amount. PMI is primarily the mortgage insurance on conventional loans, and the costs also varies by credit score, program and down payment. Some loans have both PMI and MIP, like an FHA loan. Talk to your local mortgage broker for more details on your specific situation.