Mortgage Insurance Premium (MIP) and FHA Loans in California
When looking for a California FHA home mortgage loan it is important to remember there is a mortgage insurance premium that is applied to the loan. To determine this mortgage insurance premium (MIP) we strongly suggest you call us today at 866.260.2253. We have a team of mortgage professionals that can help you understand just how much money you will be paying on the entire loan. We work with personalized California FHA mortgage calculators that will include the MIP.
If you are looking to crunch the numbers yourself you can use the FHA mortgage calculator here. Before signing for any loan we always encourage our clients to know every possible line of the loan. If you are confused as to what a specific number means we will be fully open and offer guidance as to how these numbers are calculated. As one of the most highly rated mortgage brokers in all of California we strive to help out clients in any way possible.
Note that there is a different between MIP and PMI. This can be confusing to first time home buyers or those in California that have not completed the home buying process in the recent past. PMI is applied to conventional home loans and is private mortgage insurance. MIP is applied to FHA home loans and is a mortgage insurance premium. Once again, if any of this is confusing, do not hesitate to call us or email us at firstname.lastname@example.org. We will be more than happy to go through the numbers so you can complete your due diligence.
When looking for the lowest possible mortgage interest rates in California remember that the 10 year treasury rate yield is close to all time lows so now is the time to purchase a home to get those low interest rates. We can help you do so today.