Let's Take A Dive Into MI. What is Mortgage Insurance?

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Manage episode 350431994 series 3398822
Wesley Wyrick, Don Merlo, Mack Humphrey, Wesley Wyrick, Don Merlo, and Mack Humphrey द्वारा - Player FM और हमारे समुदाय द्वारा खोजे गए - कॉपीराइट प्रकाशक द्वारा स्वामित्व में है, Player FM द्वारा नहीं, और ऑडियो सीधे उनके सर्वर से स्ट्रीम किया जाता है। Player FM में अपडेट ट्रैक करने के लिए ‘सदस्यता लें’ बटन दबाएं, या फीड यूआरएल को अन्य डिजिटल ऑडियो फ़ाइल ऐप्स में पेस्ट करें।

Welcome to Real Estate Real Talk With The Mortgage Guys! Today we're discussing Mortgage Insurance, or MI. If you're in the process of buying a home, you may have come across this term and wondered what it means.

Mortgage Insurance is a type of insurance that protects lenders in the event that a borrower defaults on their mortgage. There are two main types of mortgage insurance: MIP and PMI. MIP, or Mortgage Insurance Premium, is required for borrowers who take out a Federal Housing Administration (FHA) loan. PMI, or Private Mortgage Insurance, is required for borrowers who put less than 20% down on a conventional mortgage.

We'll be covering the ins and outs of both MIP and PMI, including how they're calculated and when they can be removed. We'll also delve into funding fees for FHA, USDA, and VA loans. Whether you're a first-time homebuyer or a seasoned real estate investor, this is a must-listen episode for anyone looking to better understand mortgage insurance. Tune in to Real Estate Real Talk With The Mortgage Guys for all your real estate and mortgage questions!

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