As backpacks come out and routines return, now is the perfect time to clear out the clutter that built up over vacation months. A well-organized home feels calmer, functions better, and can even
The Difference Between PMI and MIP
Dated: December 15 2025
Views: 100
Mortgage insurance has two purposes—protecting lenders from potential homebuyer defaults and to allow homebuyers to qualify for a mortgage without making a large downpayment.
Mortgage insurance premiums (MIP) are paid as part of the mortgage payment for a loan guaranteed by the government, specifically the Federal Housing Administration (FHA). MIP stays with the loan for its full term if it was originated after June 3, 2013, or if you put down less than 10%. If you put down 10% or more, MIP can be eliminated after 11 years.
Private mortgage insurance (PMI) is only required for loans not guaranteed by the government, such as conventional loans that meet the borrower qualification standards as outlined by Fannie Mae and Freddie Mac. These are government-sponsored entities that buy mortgages from banks to package into mortgage-backed securities for investment. By returning the mortgage money to the bank that paid it out, banks can lend to borrowers repeatedly. Once the homeowner’s equity surpasses 20% to 22%, through making monthly and extra payments and market appreciation, they can petition the loan servicer to remove the PMI.
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
