Mortgage insurance, also called PMI (or MIP, in the FHA program) protects banks when borrowers default on their loans. It’s not like homeowner’s insurance, which protects a borrower from theft and natural disasters.
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There’s an epic battle raging in the mortgage world between two fierce and unyielding opponents: PMI and MIP. Both do essentially the same thing, but they aren’t the same. Let’s take a walk through both camps to get a better understanding of these much-maligned mortgage insurances.
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