Do I have to pay PMI/MIP?

 

Do I have to pay PMI/MIP?

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Most financing types require paying Private Mortgage Insurance (PMI) if you don’t put down at least 20% — in other words if the lender is financing over 80% of the purchase.

FHA financing calls it Mortgage Insurance Premium (MIP), but it’s the same concept.


Real Estate Answers: Finances

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