Mortgage Insurance
Mortgage insurance protects the mortgage lender against any loss they may occur if a mortgage goes into default for mortgages originated with down payments less than 20%. It allows you to get a mortgage with a smaller down payment. This means you can borrow a larger percentage of your home's value.
MIP and PMI are 2 types of mortgage insurance. They add a premium to your monthly mortgage payment but allow you to borrow a larger percentage of your home&...
Fri, 23 Jun, 2023 at 3:36 PM
In most cases, the insurance premium will be added to your monthly mortgage payment. We'll keep the funds in an escrow account for you and pay the bills...
Fri, 23 Jun, 2023 at 3:36 PM
You have MIP if you have an FHA loan, which is a type of government loan. You have PMI if you have a loan that isn't under a government program and yo...
Fri, 23 Jun, 2023 at 3:36 PM
Depending on when you either applied for or closed on your loan, your MIP may be automatically removed after a certain amount of time. Learn more about remo...
Fri, 23 Jun, 2023 at 3:36 PM
Your PMI will be removed once the original termination date disclosed to you on the Initial PMI Disclosure is reached. Can't find what you're ...
Fri, 23 Jun, 2023 at 3:37 PM
Your home's original value is either the price you paid for it or the appraised value at closing, whichever is less. To calculate your LTV, divide ...
Fri, 23 Jun, 2023 at 3:37 PM