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 second mortgage offered at preferential (subsidized) terms to those who qualify. For example, a labor union may offer members who are first-time home buyers a silent second to finance ...
A loan eligible for purchase by the two major federal agencies that buy mortgages, Fannie Mae and Freddie Mac. Conforming mortgages cannot exceed a legal maximum amount, which was $322,700 ...
A revers mortgage program administered by Fannie Mae. ...
A derogatory term for lender fees that are expressed in dollars rather than as a percent of the loan amount. ...
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 ...
A lenders requirements regarding how information about income and assets must be provided by the applicant and how it will be used by the lender. The following categories have evolved in ...
Deceptive practices used by mortgage loan providers and other participants in the mortgage process. Scams by Loan Providers: Lenders and mortgage brokers may employ a number of tricks ...
Having the builder borrow the money needed for construction. ...
Owner financing or seller financing is a trending real estate concept among homebuyers and sellers. The seller reveals in their asset’s advertising or listing if buyers can purchase ...
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