Just what is a MIP refund? If you have had an FHA loan originated after 1983, and have paid off your loan, you may be due a refund for your mortgage insurance premiums that were charged to guarantee the loan. FHA loans carry mortgage insurance that you paid for monthly for seven years, so if you originated or assumed an FHA loan after 1983, you will be able to get a refund once you pay off the loan, either by selling the home or actually paying the mortgage off. You do not pay the MIP for the whole life of the loan-just the first seven years. The refunds are based on the amount of the loan.

Some people are contacted by others to get their MIP refunds, but you do not have to get your refund through these people. They will charge a fee for you to get your refund, so if they do contact you, tell them "no thanks," and investigate getting yours on your own. Call 1-800-697-6967 to see if you qualify for a MIP refund from your FHA mortgage.