Vocabulary: MIP

Mortgage Insurance Premium (MIP).png
Mortgage Insurance Premium (MIP).png

Vocabulary: MIP

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🏡 Real Estate Vocabulary: Mortgage Insurance Premium (MIP) 🏡

If you're using an FHA loan, you’ll come across Mortgage Insurance Premium (MIP). It’s a monthly payment added to your mortgage to protect the lender since FHA loans allow low down payments (as little as 3.5%).

✅ Helps buyers with lower credit or smaller down payments qualify 💰
✅ Protects the government-backed loan in case of default 🏠
✅ Stays in place for the life of the loan unless refinanced 🔄

Thinking about an FHA loan? Let’s talk about the best loan options for your home-buying journey!

#BHGRE #WostalRealty #NobodyKnowsHomesBetter #FHALoan #MortgageInsurance #HomeBuyingTips

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