FHA upfront and annual MIP, how it is paid, and how it differs from conventional PMI. The 2 Mortgage Guys at Luminate Bank, lending nationwide.
Home
FHA Loans
Mortgage Insurance
FHA mortgage insurance (MIP) protects the lender and is required on FHA loans. Most borrowers pay an upfront premium plus an annual premium that is collected monthly with the mortgage payment.
Two premiums, one purpose: making flexible FHA financing possible.
Your monthly MIP is not random — a few file inputs drive the factor.
The right choice depends on credit, cash, and how long you will keep the loan.
No surprises at closing — you will know the monthly and lifetime cost picture.
Step
Related guides to help you compare options and move toward pre-approval.
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We will show principal, interest, taxes, insurance, and MIP — then compare it with conventional PMI for your scenario.