What is the difference between mortgage insurance and private mortgage insurance?

Asked by Joseph

2 Answers

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Answered by Nic Netherton, Mortgage Broker in Fort Collins, CO
Private mortgage insurance is generally charged with conventional mortgages, mortgage insurance (MI) is charged on government loans (FHA).

| 01.07.14 @ 20:52
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$commenter.renderDisplayableName() — {comment} | 12.03.16 @ 00:19
The terms are used fairly interchangeably. For your purposes they're the same. On a conventional loan the charge can go away after two years and 20% equity. On an FHA the only way to get rid of it is to refi, sell, or pay off the loan. | 04.01.16 @ 18:29
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$commenter.renderDisplayableName() — {comment} | 12.03.16 @ 00:19
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