Mortgage Insurance Premium Definition
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The premium paid on an insurance policy that provides coverage to a lender in the event that a borrower defaults on a mortgage.This ensures that the lender does not incur a loss if the borrower is unable to repay the loan.While the lender pays the mortgage insurance premium, it generally passes on payment to the borrower, either by requiring payment in the closing costs or by rolling it into.
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A mortgage insurance premium (MIP) is an insurance plan implemented in FHA loans regardless of the down payment amount you put down on the loan. The MIP is paid directly to the Federal Housing Administration (FHA) instead of a private company as Private Mortgage Insurance (PMI) is.
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Search for a definition or browse our legal glossaries. mortgage Insurance Premium (Mip) mortgage insurance premium (mip) a monthly payment -usually part of the mortgage payment – paid by a borrower for mortgage insurance. Source: U.S. Department of Housing and from the Property Rights and Real Estate Law.
WASHINGTON, D.C. — A West Michigan congressman’s bill to scale back regulation of the mortgage industry. including title insurance purchased from an affiliated company and escrowed homeowners.
· The mortgage insurance premium for refinance transactions will depend on several variables. These include whether the refinance is of a FHA-insured mortgage to another FHA-insured mortgage, as under FHA’s streamlined refinance options, is a rate-and-term refinance or is a refinance under the FHASecure initiative.
Mortgage insurance premium (MIP) is the name that FHA (Federal Housing Authority) uses for its insurance program which insures each and every loan that is financed through FHA. A small percentage of each loan is financed in the loan for the purpose of insuring the loan to the lender in case the borrower defaults.
Mortgage Insurance Premium. The upfront and/or periodic charges that the borrower pays for mortgage insurance. There are different mortgage insurance plans with differing combinations of monthly, annual, and upfront premiums.