PMI (conventional)
Private mortgage insurance applies to conventional loans above 80% LTV. It drops automatically at 78% LTV and can be requested at 80%.
MIP (FHA)
Mortgage insurance premium is upfront (1.75%) plus monthly. On most FHA loans today, MIP stays for the life of the loan.
Key takeaways
- PMI is temporary; MIP is usually permanent.
- Reaching 20% equity may justify refinancing off FHA.
Frequently asked questions
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