What Is A Mortgage Insurance Premium (MIP)?
Definition of "What is a mortgage insurance premium (MIP)?"
A mortgage insurance premium is a policy that insures the lender against loss if the homeowner defaults on a mortgage.
Popular Mortgage Questions
Popular Mortgage Glossary Terms
A lender that holds the loans it originates in its portfolio rather than selling them. ...
A loan with no down payment. ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
The total cash required of the home buyer/borrower to close the purchase plus loan transaction or the loan transaction on a refinance. Required cash includes the down payment, points and ...
The definition of a reverse mortgage is important for homeowners 62 and older who want to supplement their retirement income. What exactly is a reverse mortgage? Some say that it is the ...
The standards imposed by lenders in determining whether a borrower can be approved for a loan. These standards are more comprehensive than qualification requirements in that they include ...
A mortgage lender or mortgage broker. ...
A term that small lenders sometimes use to distinguish themselves from mortgage brokers. ...
A borrower who must use tax returns to document income rather than information provided by an employer. ...
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