Can someone help me understand MIP + funding fee?
Hello,
We are putting an offer on our first ever purchase. It's a fsbo 4plex (we are using an agent).
I am trying to understand how the mortgage broker comes up with the PMI, MIP, Funding fee amount. Is there a way to know how much of the number is PMI, How much is MIP (I don't completely understand the difference)? I'm guessing 'funding fee' is how the broker gets paid? Please correct me if i'm wrong! Would also love if anyone would be interested in looking over our numbers.