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Is the MIP a one time charge and then you pay monthly for 5 years or until of the mortage loan is pa

  • November 05 2009 - Randolph
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Answers (2)

Hi Tygeer - Clay in Georgia is right.  The MIP is a one-time charge, and then you pay the monthly MI for 5 years or until your Loan-to-Value reaches 78%. 

Thank you.

John Briggs
  • November 06 2009
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Yes, upfront is 1 time charge, then you pay MMI for 5 years or until the balance gets to 78%.
  • November 05 2009
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