Asked by Joseph  |  Submitted December 05, 2013

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

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  Answers  |  2

January 07, 2014

Private mortgage insurance is generally charged with conventional mortgages, mortgage insurance (MI) is charged on government loans (FHA).

$commenter.renderDisplayableName() | 09.27.20 @ 17:10


April 01, 2016

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.

$commenter.renderDisplayableName() | 09.27.20 @ 17:10