PMI versus MIP
PMI (private mortgage insurance) is what you pay to a lender to avoid loan failure on a conventional loan. If you put down less than 20% on your home, you will pay PMI until you meet 20% of your conventional loan.
MIP (mortgage insurance premium) is the FHA mortgage insurance premium. This premium is paid in two ways: upfront (1.75% of the loan amount) and annually through monthly installments (1.25% of the loan amount). These funds are utilized to insure your loan. If you put down less than 20% on an FHA loan, you will pay MIP for the lifetime of the loan.
The main difference between the two is that PMI is insured by a mortgage company whereas MIP goes to HUD, which is completely self-insured.
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