Revealed: PMI vs MIP Differences

Confused about PMI vs MIP? In this video, we break down the key differences between private mortgage insurance and mortgage insurance premium. Learn what PMI and MIP are and which one is right for you!
#mortgageinsurance #pmi #mip

In today's real estate FAQ's episode you'll learn about PMI vs MIP!

**Watch the full video to understand the similarities and differences between private mortgage insurance (PMI) and a mortgage insurance premium (MIP). Thank you!**

If you're putting down less than 20% on your mortgage you'll have either a PMI or MIP. To be specific, which one you'll have varies based upon your loan type.

Timeline
0:00 - Intro
1:01 - PMI Insurance vs MIP Insurance
2:03 - What is PMI
3:32 - What is MIP
5:39 - Your Turn

Share your favorite part of this video and your thoughts about PMI vs FHA MIP with us in the comments section below. Thank you!

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-Your Real Estate Geek, Andrew Finney

Contact info:
Andrew Finney
USMC Combat Veteran/ Trusted Real Estate Advisor
License #S.0173260 (Las Vegas Realtor)

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BHHS, Nevada Properties
7475 W. Sahara Ave. Suite 100
Las Vegas, NV 89117

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[xBryanSpector]

ok so to sum up:CONFORMING aka CONVENTIONAL LOAN: not FHA, not VA, not USDA, not insured, not guaranteed, uses PMI, you need a good credit score to apply, after 78%-80% PMI can be taken off, and it takes 20% down payment to get out of paying PMI, this type of loan conforms to freddie Mac and Fannie Mae

NON CONVENTIONAL aka NON CONFORMING LOANS: 3.5% down payment, yes to VA, yes to FHA, yes to USDA is insured and guaranteed, uses MIP-stays with you for the life of the loan, loan limit is lower but you can have bad credit and not make as much money and be able to apply, high LTV's too.

[seaflower]

I did not know about MIP. This was helpful to know it goes for entire length of the loan. Thank you good to know.