Most homebuyers spend hours comparing interest rates and negotiating down payments — then completely overlook the line item that can quietly add hundreds of dollars per month to their housing cost. Mortgage insurance is that line item, and the choice between FHA Mortgage Insurance Premium (MIP) and Private Mortgage Insurance (PMI) is one of the highest-leverage cost decisions you’ll make in the entire mortgage process.
On the surface, they look nearly identical. Both protect the lender if you default. Both are required when you put less than 20% down. But that’s where the similarity ends. FHA MIP is set by the U.S. Department of Housing and Urban Development and applies to every FHA loan regardless of your credit score. PMI is priced by private insurance companies and varies significantly based on your FICO score, down payment size, and loan-to-value ratio.
Get this wrong and you could pay thousands more over the life of your loan — or stay locked into insurance you could have eliminated years earlier. Get it right and you can structure a loan that costs less upfront, less monthly, and less over your entire holding period.
Quick answer: FHA MIP is mandatory for the life of most FHA loans (those with less than 10% down), while PMI on conventional loans cancels automatically at 78% LTV under the Homeowners Protection Act of 1998. Your credit score, down payment size, and how long you plan to stay in the home determine which product costs less for your specific situation.
This guide covers seven actionable strategies to help you decode the structural differences, run the real numbers, and make the choice that minimizes your total cost — whether you’re buying in Henrico County, Chesterfield, Hanover, or anywhere else in the markets Coast2Coast Mortgage LLC serves.
1. Decode the Structural Difference Between FHA MIP and PMI
The Challenge It Solves
Borrowers often compare FHA MIP and PMI as if they’re the same product with different price tags. They’re not. The structural differences in how each is calculated, who sets the rates, and how the costs are collected determine your actual monthly payment and your long-term exit options. Misunderstanding the structure leads to apples-to-oranges comparisons that produce the wrong decision.
The Strategy Explained
FHA MIP has two components. The first is the Upfront Mortgage Insurance Premium (UFMIP), a flat 1.75% of the base loan amount charged at closing and typically financed into the loan. This rate applies to all FHA loans regardless of term, LTV, or credit score. Source: HUD Mortgagee Letter 2015-01 (hud.gov/program_offices/housing/sfh/lender/origination/mip), standing rule with no expiration.
The second component is the annual MIP, collected monthly. For the most common scenario — a 30-year term, LTV greater than 95%, and a base loan amount at or below $726,200 — the annual rate is 0.55% of the outstanding loan balance. This rate was reduced from 0.85% by HUD Mortgagee Letter 2023-05, effective March 20, 2023. Rates for other term and LTV tiers are published in HUD Handbook 4000.1, Appendix 1.0 (hud.gov/sites/dfiles/OCHCO/documents/4000.1hsgh.pdf). Critically, FHA MIP rates do not vary by credit score — a 580 FICO borrower pays the same annual MIP as a 760 FICO borrower on the same loan parameters.
PMI operates differently. It is priced by private mortgage insurers — not the federal government — and the rate is heavily tiered by your FICO score, your down payment percentage, and your loan-to-value ratio. A borrower with a 740+ FICO score and 10% down will typically qualify for a substantially lower PMI rate than the same borrower with a 620 FICO and 5% down. There is no single “PMI rate” — every quote is specific to the borrower’s credit profile.
Implementation Steps
1. Identify your FHA scenario: calculate UFMIP at 1.75% of your base loan amount, then calculate annual MIP using the correct HUD tier from Handbook 4000.1 Appendix 1.0 for your specific term and LTV.
2. For the conventional scenario, obtain actual PMI quotes from at least two private mortgage insurers — do not use generic estimates. A broker with wholesale access can pull multiple insurer quotes simultaneously.
3. Add the monthly MIP or PMI to your principal and interest payment for each scenario to get a true side-by-side monthly cost comparison.
Pro Tips
The UFMIP is the most frequently overlooked cost in FHA comparisons. A borrower who finances $5,000+ in UFMIP is paying interest on that amount for the life of the loan. Always include the UFMIP in your total cost of ownership calculation, not just the monthly MIP figure. This single adjustment changes the math on short-hold scenarios significantly.
2. Run the Real Numbers: A Henrico County TCO Comparison
The Challenge It Solves
Abstract comparisons of MIP vs PMI rarely produce clarity. What produces clarity is a worked dollar example using a realistic purchase price, official rate inputs, and your actual county’s property tax rate. The following example uses Henrico County inputs and is labeled as illustrative — it is not a guaranteed payment quote, but it is built entirely from official, verified rate sources.
The Strategy Explained
All figures below are illustrative examples based on official rate inputs as of July 2026. They do not constitute a loan estimate, rate lock, or payment guarantee. Actual payments will vary based on credit profile, insurer pricing, and loan terms.
Purchase price: $300,000 (well below the 2026 FHA loan limit floor of $541,287 per HUD Mortgagee Letter 2025-23, effective for case numbers assigned on or after January 1, 2026; source: hud.gov/program_offices/housing/sfh/lender/origination/limits).
FHA Scenario — 3.5% Down: Down payment = $10,500. Base loan = $289,500. UFMIP at 1.75% = $5,066.25, financed into the loan. Total FHA loan amount = $294,566.25. Annual MIP at 0.55% of $289,500 = $1,592.25 per year = $132.69 per month (30-year term, LTV >95%, loan ≤$726,200 — confirmed tier per HUD ML 2023-05, verified July 2026).
Conventional Scenario — 5% Down: Down payment = $15,000. Loan amount = $285,000. No UFMIP. PMI rate varies by FICO score and insurer — actual quotes required. A borrower with strong credit will typically qualify for a lower monthly PMI cost than the FHA MIP figure above; a borrower with a lower credit score may find the FHA MIP more competitive. Obtain actual PMI quotes before drawing conclusions.
Henrico County Property Tax: $300,000 assessed value × $0.85 per $100 = $2,550 per year = $212.50 per month. Source: henrico.us/services/real-estate-assessments/, verified July 2026.
Implementation Steps
1. For a 5-year TCO comparison: multiply your monthly MIP or PMI cost by 60 months and add the UFMIP (FHA only). This gives you total mortgage insurance paid over five years before any cancellation benefit.
2. For a 10-year comparison: on the FHA side, MIP continues for the life of the loan (with 3.5% down). On the conventional side, PMI typically cancels well before year 10 as the loan pays down toward 78% LTV — reducing the 10-year PMI total significantly relative to FHA MIP.
3. Add property tax to both scenarios using your actual county assessor rate. For Chesterfield County, the rate is $0.89 per $100 (source: chesterfield.gov/823/Real-Estate-Assessments, verified July 2026). For Hanover County, the rate is $0.81 per $100 (source: hanovercounty.gov/386/Tax-Rates, verified July 2026). For Stafford County, confirm the current adopted rate at staffordcountyva.gov before use — this rate was mid-change as of the build date of this article.
Pro Tips
The UFMIP sunk cost is the variable most borrowers miss in short-hold scenarios. If you plan to sell or refinance within three to four years, the $5,000+ financed UFMIP on the FHA loan may make the conventional option cheaper in total even if the monthly PMI is slightly higher. Always model both the 5-year and 10-year windows before deciding.
3. Know the Cancellation Rules — They’re Not the Same
The Challenge It Solves
Many borrowers assume that once they build enough equity, their mortgage insurance goes away automatically — regardless of whether it’s MIP or PMI. This assumption is wrong for FHA loans and can cost borrowers years of unnecessary insurance payments. The cancellation rules for each product are governed by completely different legal frameworks, and understanding the asymmetry is essential before you choose a product.
The Strategy Explained
PMI cancellation is governed by the Homeowners Protection Act of 1998 (12 U.S.C. § 4901 et seq.). Under this federal law, PMI on a conventional loan must be automatically terminated when your loan balance reaches 78% of the original purchase price based on the original amortization schedule — even if you take no action. You can also request cancellation once your balance reaches 80% LTV, provided you have a good payment history and, in some cases, a current appraisal confirming the value. Source: CFPB, consumerfinance.gov/ask-cfpb/when-can-i-remove-private-mortgage-insurance-pmi-from-my-loan-en-202/.
FHA MIP cancellation operates under a fundamentally different rule. Per HUD Handbook 4000.1, Section II.A.1.b.ii: if your LTV at origination was 90% or less (meaning you put 10% or more down), MIP cancels after 11 years. If your LTV at origination was greater than 90% (meaning you put less than 10% down — including the standard 3.5% down payment), MIP applies for the life of the loan. There is no automatic cancellation triggered by equity growth, appreciation, or paydown below 80% LTV on an FHA loan originated after June 3, 2013.
This structural asymmetry means an FHA borrower with 3.5% down who stays in the loan for 30 years will pay MIP for all 30 years, while a conventional borrower with 5% down who makes regular payments will see PMI cancel automatically — typically within 8 to 10 years on a 30-year amortization schedule, depending on the interest rate.
Implementation Steps
1. Identify your origination LTV: divide your loan amount by the purchase price. If it’s above 90% (less than 10% down on FHA), expect life-of-loan MIP.
2. For conventional loans, ask your broker to project the month in which your balance will reach 78% of the original purchase price based on the actual amortization schedule at your quoted rate.
3. Calculate the total MIP or PMI paid from origination to the cancellation date for each scenario. This single number often determines which product is cheaper over your intended holding period.
Pro Tips
The life-of-loan MIP rule is the single most important reason why a borrower who starts with an FHA loan should have a refinance trigger date built into their financial plan from day one. Once you reach sufficient equity — typically through a combination of paydown and appreciation — refinancing into a conventional loan eliminates MIP entirely. Strategy 6 models this exit path in detail.
4. Use Your Credit Score as a Decision Variable
The Challenge It Solves
Credit score is the most powerful variable in the FHA MIP vs PMI decision — yet many borrowers treat it as a binary qualifier rather than a cost driver. Because FHA MIP is credit-score-blind and PMI is heavily tiered by FICO, your score can shift the cost advantage from one product to the other entirely. Knowing where your score falls in the decision framework before you apply saves both time and money.
The Strategy Explained
FHA minimum credit score requirements are established by HUD Handbook 4000.1, Section II.A.1.b.i: a 580 FICO score qualifies for the 3.5% minimum down payment. A score between 500 and 579 requires a minimum 10% down payment. Scores below 500 are ineligible for FHA financing under HUD guidelines — though individual lenders may impose higher overlays.
Because FHA MIP does not vary by credit score, a 580 FICO borrower and a 760 FICO borrower pay the same 0.55% annual MIP on the same loan parameters. PMI works the opposite way: private mortgage insurers tier their rates by FICO band, meaning a 760+ borrower can typically access substantially lower PMI rates than the FHA MIP equivalent, while a 580–620 borrower will often find FHA MIP more cost-effective than the PMI rate they’d be quoted on a conventional loan.
The general crossover point — where conventional PMI begins to undercut FHA MIP on a cost basis — is widely observed in the mortgage industry to fall somewhere in the 650–680 FICO range for borrowers with 5% down, though the exact crossover depends on the specific PMI insurer’s rate card and the loan amount. This is not a universal rule: it requires an actual quote comparison for your specific scenario.
Implementation Steps
1. Pull your current FICO score using Coast2Coast Mortgage’s NoTouch Credit Pull — a soft pull that gives you an accurate score picture without triggering a hard inquiry on your credit file. This is a meaningful advantage over retail lenders like Rocket Mortgage, First Heritage Mortgage, and ALCOVA Mortgage, which typically require a hard pull to pre-qualify on the same terms.
2. If your score is below 650, request both an FHA MIP quote and a conventional PMI quote — but weight the FHA option more heavily as the likely cost winner at that tier.
3. If your score is 700 or above, prioritize obtaining actual PMI quotes from multiple insurers through your broker. At this score level, the conventional route frequently produces a lower total cost, particularly for borrowers planning to hold the loan long enough for PMI to cancel.
Pro Tips
Some retail lenders impose credit score overlays above HUD’s minimum — meaning they won’t approve FHA loans below 620 or 640 even though HUD allows 580. A broker with access to 500+ wholesale lenders can often find an investor whose overlay matches your actual score, rather than turning you away based on one lender’s internal policy. This is a meaningful advantage for borrowers in the 580–640 FICO range.
Related: FHA minimum credit score requirements, without triggering a hard inquiry.
5. Factor in the Down Payment Crossover Point
The Challenge It Solves
Down payment size is not just an upfront cash question — it directly determines your MIP duration on an FHA loan and your PMI rate tier on a conventional loan. Saving an additional 1.5% or 6.5% before closing can fundamentally shift which product is cheaper and for how long. Most borrowers don’t model this crossover before deciding how much to put down.
The Strategy Explained
On the FHA side, the down payment threshold that matters is 10%. Put down 3.5% to 9.99% and you face life-of-loan MIP. Put down 10% or more and MIP cancels after 11 years. This is a binary rule from HUD Handbook 4000.1 — there is no gradual reduction. The jump from 9.9% down to 10% down is one of the most valuable percentage points in mortgage planning for FHA borrowers.
On the conventional side, the down payment percentage affects your PMI rate tier. Most PMI insurers price their rates across LTV bands — typically 95.01–97% LTV, 90.01–95% LTV, 85.01–90% LTV, and so on. Moving from 5% down (95% LTV) to 10% down (90% LTV) typically drops you into a meaningfully lower PMI rate tier, accelerates the timeline to the 78% automatic cancellation threshold, and reduces your monthly payment simultaneously.
The crossover scenario worth modeling carefully: a borrower who has saved enough for 5% down on conventional versus 3.5% down on FHA. The $4,500 difference in upfront cash on a $300,000 purchase (illustrative example) changes the monthly MIP vs PMI comparison, the cancellation timeline, and the UFMIP sunk cost. In many scenarios for borrowers with 680+ FICO scores, the additional $4,500 saved for conventional produces a better 10-year total cost outcome than the FHA route — but this depends entirely on the actual PMI quote.
Implementation Steps
1. Map three scenarios: your current down payment amount, your current amount plus 1.5%, and your current amount plus 6.5% (to reach the 10% FHA MIP duration threshold). Calculate the MIP or PMI cost for each.
2. For each scenario, project total mortgage insurance paid over your expected holding period — 5 years, 7 years, and 10 years. The optimal down payment often becomes clear when you see the total insurance cost side-by-side across holding periods.
3. Factor in the opportunity cost of holding additional cash in reserve versus putting it toward a larger down payment. A broker can help you model whether the monthly savings justify the larger upfront commitment.
Pro Tips
Down payment assistance programs and gift funds can change the down payment math significantly. If a gift from a family member can push you from 3.5% to 10% down on an FHA loan, the 11-year MIP duration versus life-of-loan MIP represents a substantial long-term savings. Ask your broker to model the specific dollar impact before declining gift funds or assistance options. No-out-of-pocket closing options on FHA loans can also be structured into the rate — ask Duane Buziak, NMLS #1110647, to walk you through what’s available for your scenario.
Related: Down payment assistance programs.
6. Map Your Exit Strategy: Refinance, Appreciation, or Paydown
The Challenge It Solves
Choosing between FHA MIP and PMI isn’t just a day-one decision — it’s a multi-year cost commitment with very different exit paths. PMI borrowers have three built-in exit routes: automatic cancellation at 78% LTV, borrower-requested cancellation at 80% LTV, or refinancing. FHA borrowers with less than 10% down have one path to eliminate MIP: refinance into a conventional loan. Understanding your exit strategy before you choose the product changes the decision framework entirely.
The Strategy Explained
For PMI borrowers, the exit is relatively straightforward. Under the Homeowners Protection Act of 1998, automatic termination occurs when your loan balance reaches 78% of the original purchase price per the original amortization schedule — no action required. If your home has appreciated and you believe your LTV is at or below 80%, you can request cancellation with a good payment history and, in many cases, a current appraisal. Neither option requires refinancing, which means no new closing costs, no new rate risk, and no new loan application.
For FHA borrowers with less than 10% down, there is no equivalent path. Equity growth — whether through paydown, appreciation, or both — does not trigger MIP cancellation. The only way to eliminate MIP is to refinance into a conventional loan. This means incurring closing costs, qualifying under conventional underwriting guidelines, and accepting whatever rate environment exists at the time of the refinance. Coast2Coast Mortgage offers no-out-of-pocket closing options on FHA, VA, and USDA loans — including the option to have closing costs wrapped into the rate — so cost-of-entry barriers to a future refinance can be minimized.
The refinance trigger point worth modeling: when does the monthly savings from eliminating MIP exceed the cost of refinancing? A general rule of thumb is to divide your total closing costs by your monthly MIP savings to get a break-even period in months. If you plan to stay in the home beyond that break-even point, the refinance is likely worth pursuing. A broker with access to 500+ wholesale lenders can model this comparison across different rate scenarios — something a single-shelf retail lender cannot do.
Implementation Steps
1. Estimate your break-even timeline for a future refinance: project when your home value and loan balance will put you at or below 80% LTV, then estimate the closing costs of a conventional refinance at that point and divide by your projected monthly MIP savings.
2. For PMI borrowers, set a calendar reminder at the projected 80% LTV date to request cancellation — don’t wait for automatic termination at 78% if you can accelerate it by 12 to 18 months with a request and appraisal.
3. Monitor the rate environment. If you’re in an FHA loan with life-of-loan MIP and rates drop meaningfully from your origination rate, a refinance to conventional may deliver both a rate benefit and MIP elimination simultaneously — making the break-even period even shorter.
Pro Tips
Coast2Coast Mortgage operates as a broker, not a lender, with access to over 500 wholesale lenders. This means when you’re ready to model a refinance out of FHA MIP, Duane Buziak, NMLS #1110647, can shop your scenario across multiple investors to find the lowest conventional rate — rather than being limited to one lender’s product shelf. The Dare to Compare pricing challenge is available to any borrower who wants to verify they’re getting competitive wholesale pricing.
Related: refinance into a conventional loan, access to multiple wholesale lenders.
7. Avoid the Five Most Costly FHA MIP vs PMI Mistakes
The Challenge It Solves
Even borrowers who understand the basic MIP vs PMI framework make predictable, expensive errors when it comes time to execute. These mistakes compound over years of payments and can cost tens of thousands of dollars over a loan’s life. Each one is avoidable with the right information and the right broker relationship.
The Strategy Explained
Mistake 1: Ignoring UFMIP in the upfront cost calculation. The 1.75% UFMIP on an FHA loan is typically financed into the loan balance, which means borrowers don’t write a check for it at closing — and therefore often forget it exists. On a $289,500 base loan, that’s $5,066.25 added to your loan balance and accruing interest for the life of the loan (illustrative example based on HUD Mortgagee Letter 2015-01, July 2026). Always include UFMIP in your total cost comparison, especially for short-hold scenarios where you won’t recoup it through MIP savings.
Mistake 2: Choosing Lender-Paid PMI (LPMI) without modeling the rate premium. LPMI eliminates the monthly PMI line item by rolling the cost into a slightly higher interest rate. For borrowers who plan to hold the loan long-term, LPMI often costs more in total because the higher rate never cancels — even after you’d have reached the 78% LTV automatic termination threshold on borrower-paid PMI. Always model the total interest cost of the rate premium over your expected holding period before selecting LPMI.
Mistake 3: Assuming FHA always wins for lower credit scores. FHA MIP is credit-score-blind, which gives it a cost advantage at lower FICO tiers — but not universally. Some borrowers in the 620–660 range will find that a conventional loan with a moderate PMI rate and a shorter cancellation timeline produces a better 7-year total cost than life-of-loan FHA MIP. Always obtain actual PMI quotes before assuming FHA is cheaper.
Mistake 4: Missing overlay restrictions at retail lenders. Retail lenders and direct lenders — including some large national names — impose credit score overlays above HUD’s published minimums. A borrower who qualifies for FHA at 580 FICO under HUD guidelines may be turned away by a retail lender with a 620 or 640 overlay. A broker with access to 500+ wholesale investors can find the investor whose overlay matches your actual credit profile, rather than declining your application based on one lender’s internal policy.
Mistake 5: Failing to trigger a refinance once equity thresholds are reached. Many FHA borrowers reach 20% equity — through a combination of paydown and appreciation — and continue paying life-of-loan MIP simply because no one prompts them to refinance. Set a specific equity trigger in your financial plan. When your home value and loan balance put you at or below 80% LTV and you can qualify for a conventional loan, the math on refinancing to eliminate MIP is frequently compelling.
Implementation Steps
1. Build a total cost spreadsheet that includes UFMIP, annual MIP or PMI, the cancellation date, and total insurance paid over your expected holding period — for both the FHA and conventional scenarios.
2. If LPMI is offered, ask your broker to calculate the total interest cost of the rate premium over 5, 7, and 10 years and compare it to the total borrower-paid PMI over the same periods, including the cancellation benefit.
3. Set a calendar reminder 18 to 24 months after closing to re-evaluate your LTV position — especially in an appreciating market. If you’re approaching 80% LTV on a conventional loan or the equity threshold that makes a conventional refinance cost-effective on an FHA loan, that’s the time to act.
Pro Tips
The NoTouch Credit Pull available through Coast2Coast Mortgage means you can get a complete picture of your current credit score and mortgage options without triggering a hard inquiry. This is particularly valuable when you’re evaluating whether to refinance out of FHA MIP — you can model the scenario fully before committing to a hard pull. Retail lenders, including Rocket Mortgage, First Heritage Mortgage, and ALCOVA Mortgage, typically require a hard pull to generate equivalent pre-qualification information.
Related: overlay restrictions at retail lenders.
Frequently Asked Questions: FHA MIP vs PMI
Is FHA MIP the same as PMI?
No. Both protect the lender if you default, but FHA MIP is set by HUD and applies to all FHA loans regardless of credit score. PMI is priced by private mortgage insurers and varies by your FICO score, down payment, and LTV. They also have different cancellation rules, cost structures, and exit paths.
How long do you pay MIP on an FHA loan?
If your LTV at origination was greater than 90% — meaning you put less than 10% down — you pay MIP for the life of the loan. If your LTV at origination was 90% or less (10% or more down), MIP cancels after 11 years. Source: HUD Handbook 4000.1, Section II.A.1.b.ii.
Can you remove FHA mortgage insurance without refinancing?
No, not for loans with less than 10% down originated after June 3, 2013. Unlike PMI, FHA MIP does not cancel automatically when you reach 20% equity. The only path to eliminating MIP on a life-of-loan FHA loan is to refinance into a conventional loan.
At what credit score does conventional PMI become cheaper than FHA MIP?
There is no universal crossover score because PMI rates vary by insurer and loan parameters. In general, borrowers with scores above 650–680 and at least 5% down often find conventional PMI more cost-effective than life-of-loan FHA MIP — but this requires an actual PMI quote comparison for your specific scenario.
What is the FHA UFMIP rate in 2026?
The UFMIP rate is 1.75% of the base loan amount, flat, on all FHA loans regardless of term, LTV, or credit score. Source: HUD Mortgagee Letter 2015-01. This is a standing rule with no expiration, verified as of July 2026.
How much is PMI on a conventional loan?
PMI rates vary by credit score, down payment percentage, and the specific private mortgage insurer. There is no single published rate equivalent to FHA MIP. Borrowers with stronger credit profiles and larger down payments typically qualify for lower PMI rates. Obtain actual quotes from a broker who can access multiple PMI insurers simultaneously.
Does FHA MIP go away after 20% equity?
No. For FHA loans with less than 10% down originated after June 3, 2013, MIP does not cancel based on equity growth, appreciation, or paydown — regardless of how much equity you accumulate. MIP cancellation on these loans requires refinancing into a conventional loan.
Is it better to get an FHA loan or conventional loan with PMI?
It depends on your credit score, down payment, and how long you plan to hold the loan. FHA tends to be more cost-effective for borrowers with lower credit scores (below approximately 650) or minimal down payment savings. Conventional with PMI tends to win for borrowers with 680+ FICO scores and 5% or more down, particularly over longer holding periods where PMI cancellation delivers significant savings. A broker comparison across both products is the only way to know for certain.
Your Implementation Roadmap
Start with two variables: your current credit score and your planned down payment. These two inputs determine which product is likely cheaper before you run a single number. If your FICO is below 650, FHA MIP is the probable cost winner. If your score is 700 or above with 5% or more down, conventional PMI deserves serious modeling.
Use the crossover framework in Strategy 5 to determine whether saving an additional 1.5% or 6.5% before closing shifts your optimal product or MIP duration. Then stress-test your exit timeline using Strategy 6. If you plan to sell or refinance within three to four years, the UFMIP sunk cost on FHA changes the calculus significantly — the break-even on that financed cost requires time in the loan to recover.
For buyers in Henrico, Chesterfield, or Hanover counties, the decision typically hinges on credit score tier and intended loan duration. The worked example in Strategy 2 using Henrico’s official tax rate of $0.85 per $100 (henrico.us, verified July 2026) gives you a starting framework — but your actual PMI quote is the variable that completes the comparison.
The critical structural advantage in this analysis is broker access. A broker with over 500 wholesale lenders can pull actual PMI quotes from multiple insurers, compare them against FHA MIP on the same loan parameters, and model both the 5-year and 10-year total cost scenarios side by side. A single-shelf retail lender — whether a large national name or a local direct lender — can only show you their own product, which means you may never see the lower-cost option that exists on the wholesale market.
Article by Duane Buziak, NMLS #1110647 | Coast2Coast Mortgage LLC (NMLS #376205)
Coast2Coast Mortgage LLC operates as a broker, not a lender, with access to over 500 wholesale lenders. Duane Buziak, NMLS #1110647, can shop your FHA vs conventional scenario across multiple wholesale investors, run the NoTouch Credit Pull (soft pull, no hard inquiry) to establish your current score, and present a genuine Dare to Compare pricing challenge against any competing quote. No-out-of-pocket closing options on FHA, VA, and USDA loans are available and can be structured into either product depending on your scenario — or wrapped into the rate.
Schedule your free consultation today to run your personalized MIP vs PMI comparison. Call 804-212-8663 or email duane@coast2coastml.com. Coast2Coast Mortgage LLC is licensed in Virginia, Florida, Tennessee, Georgia, and the District of Columbia. 4860 Cox Rd, Glen Allen, VA 23060.
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