MIP is one-half percent borrowers pay each month on FHA insured Mortgage loans. It is insurance from FHA to the lender against incurring a less due to the borrower’s default. On September 1, 1983 the MIP was changed to a one-time charge to borrowers.
Whether you are buying, refinancing, investing, or considering how to use your home equity, the first step is a conversation about your goals and the available options.