* Disclaimer – all information in this article is accurate as of the date this article was written * The FHA Mortgage Insurance Premium is an important part of every FHA loan. There are two types of Mortgage Insurance Premiums associated with FHA loans: 1. Up Front Mortgage Insurance Premium (UFMIP) - financed into the total loan amount at the initial time of funding 2. Monthly Mortgage … [Read more...]
What is “LPMI”?
LPMI stands for Lender Paid Mortgage Insurance and is sometimes used for conventional, conforming loans. Before we cover LPMI, let's recap three different types of loans and the general mortgage insurance rules with them -- Mortgage Insurance For FHA Loans All FHA loans require that you pay an up-front mortgage insurance premium (UFMIP) regardless of the term of the loan. Recently, FHA … [Read more...]