Mortgage Insurance Premium (MIP)

1 topic · 2 sources

Real Estate

The amount paid by a borrower for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (PMI) company.

Federal Trade Commission — Real Estate Marketplace Glossary

A monthly payment -usually part of the mortgage payment - paid by a borrower for mortgage insurance.

US Department of Housing and Urban Development — Homes & Communities Glossary