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There’s a lot of confusion on what mortgage insurance is, how does mortgage insurance work and what’s the difference between mortgage insurance (MI) and private mortgage insurance (PMI).
Here are 3 important takeaways:
1. Conventional Loans have Private Mortgage Insurance (PMI)
2. FHA Loans have Mortgage Insurance (MI)
3. VA Loans have a Funding Fee
Learn more about mortgage insurance at https://en.wikipedia.org/wiki/Mortgage_insurance
Please contact me if you have any questions.
Lance Mohr : What Is Mortgage Insurance and How Does It Work?