What is the difference between mortgage insurance and private mortgage insurance?
Private mortgage insurance is generally charged with conventional mortgages, mortgage insurance (MI) is charged on government loans (FHA).
| 01.07.14 @ 20:52
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