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Home Loans Blog
Get the latest info on mortgages, home equity, and refinancing at the home loans blog. First-time homebuyers and seasoned homeowners alike will find helpful and current information on the wide world of mortgage lending.
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.
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.