Which document usually outlines the details of the MIP Rate?

The Loan Estimate is the correct document that outlines the details of the Mortgage Insurance Premium (MIP) Rate. This document is provided to borrowers shortly after they apply for a mortgage, detailing the important terms of the loan, including interest rates, monthly payments, and upfront costs, such as the MIP Rate. The Loan Estimate is designed to give borrowers a clear understanding of the costs associated with their loan and helps them compare offers from different lenders.

This emphasis on transparency in the mortgage process includes a breakdown of ongoing costs like MIP, which is particularly relevant for certain government-backed loans. Understanding the MIP Rate is crucial for borrowers, especially those looking to evaluate their total loan costs over time.

While the Closing Disclosure is another important document in the mortgage process, it primarily summarizes the final terms and costs before closing, rather than providing an initial outline of specific rates like the MIP. The Property Deed and Title Insurance serve different purposes related to ownership and legal rights but do not address loan terms or costs directly.