Rate Direct

Direct pricing. Transparent rates. Zero hassle.

Get My RateApply Now

MIP (Mortgage Insurance Premium)

FHA's version of mortgage insurance. Includes both an upfront premium and an annual premium for the life of the loan if down < 10%.

MIP is FHA's mandatory mortgage insurance. Upfront MIP is 1.75% of loan amount, financed into the loan balance. Annual MIP is 0.55% (most loans), paid monthly. If down payment is less than 10%, annual MIP is paid for the life of the loan. With 10%+ down, MIP drops off after 11 years. Refinancing into a conventional loan once you have 20% equity removes MIP entirely.

Related terms

PMI (Private Mortgage Insurance)

Insurance the borrower pays on conventional loans with less than 20% down, protecting the lender against default loss.

FHA Loan

Government-insured mortgage with low down payment (3.5%) and flexible credit (580+ FICO). Insured by HUD.

LTV (Loan-to-Value)

Loan amount divided by property value, expressed as a percentage. Lower LTV usually means lower rate and easier qualification.

Ready to get a rate?

Compare live mortgage rates from hundreds of lenders, no signup required.

Get instant pricing

Today's mortgage rates

Conventional

6.000%

6.038% APR

FHA

5.500%

5.529% APR

VA

5.490%

5.519% APR

Conv: 80% LTV, 780 FICO. FHA: 96.5% LTV, 680 FICO. VA: 100% LTV, 680 FICO. 30-yr fixed. Your rate may vary.

Run Your ScenarioApply Now

Have a term sheet or loan estimate?

Upload a competing offer. We'll show you what we can save you.

Backed by a $2,000 Best Price Guarantee. Terms

Not ready to apply?

No pressure. Reach out with your scenario and we'll get back to you with a same-day response.