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 Glossary Terms
Assuming responsibility for someone else's payment obligation in the event that that party defaults. ...
Acceleration Clause is a contractual provision inserted in a mortgage, a bond, a deed of trust or other credit vehicles, that gives the lender the right to demand repayment of the ...
Protection for a borrower against the danger that rates will rise between the time the borrower applies for a loan and the time the loan closes. Rate protection can take the form of a ...
A lender who specializes in lending to sub-prime borrowers. ...
Adjustable rate mortgages on which the interest rate is mechanically determined based on the value of an interest rate index. Indexed ARMs are distinguished from Discretionary ARMs, in that ...
Programs offered by some lenders under which a borrower who is able to secure a grant or gift equal to 2% of the down payment will only have to provide a 3% down payment from their own ...
A documentation requirement where the applicant's assets are not disclosed. ...
The amount the borrower is obliged to pay each period, including interest, principal, and mortgage insurance, under the terms of the mortgage contract. Paying less than the scheduled ...
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