Mortgage Insurance 101

Mortgage insurance (MI) is required when the down payment on a home is less than 20%, and it is designed to protect the lender in the event of loan default. The type of mortgage insurance required will depend on the type of mortgage you have. If you have a conventional loan, you will be paying ...

FHA Lowers MIP

The Federal Housing Administration has lowered the Mortgage Insurance Premium (MIP) from 1.35% to 0.85%. This is the first time the FHA has lowered the MIP since 2001. This move will bring more first-time homebuyers into the housing market as homeownership will become more affordable. The average household could save up to $80 on their ...