What’s the Difference Between PMI and MIP?

Are you confused by all the different terms and acronyms used by mortgage lenders? I get it; a lot of these terms can seem pretty weird to people who don’t work in the industry every day. That’s why today, I’m breaking down some common mortgage insurance terms, PMI and MIP, and explaining what they mean and why they matter. To learn more about this topic, just check out this video.

0:00 — Introduction

0:20 — How PMI and MIP are different

1:09 — Conventional loans

1:50 — FHA loans

2:43 — Upfront cost for MIP

3:05 — Funding fees explained

4:20 — USDA loans

4:52 — Wrapping things up

#TeamChamberlain #MyronChamberlain #realestate #realestatebrokers #Realtors #Phoenix #Arizona

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