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What is pmi mip funding fee?

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19th May 2012 by rebecca - United States Specific

Do I get any of this money back towards the loan if the mortgage is paid off or does the PMI/MIP lower after a few years? also how does this cover me?

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19th Nov 2009 by Burt Carlson

PMI stands for Private Mortgage Insurance. This is insurance that a mortgage lender gets to insure itself in part from a loss on a loan. MIP is Mortgage Insurance Premium and is the cost of the insurance. On an FHA home loan the borrower is required to pay an up front payment based on a certain percentage of the loan amount. This is called the Up Front Mortgage Insurance Premium (UFMIP) and is included in the costs of an FHA loan. FHA also requires that a borrower pay a certain percentage of the loan amount monthly toward mortgage insurance. These dollars go into a pool to offset future losses that FHA may have on its loan portfolio.

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17th Nov 2009 In Finance 2 Answers | 4377 Views
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