mortgage insurance premium (MIP)

Definition of "mortgage insurance premium (MIP)"
  1. A monthly fee included in the mortgage payment by a borrower for mortgage insurance
How to use "mortgage insurance premium (MIP)" in a sentence
  1. After getting a loan for his new house, he was obligated to pay a mortgage insurance premium (MIP) every month.
  2. The mortgage insurance premium (MIP) ensures that the lender is financially protected in case the borrower fails to make the mortgage payments.
  3. A portion of the monthly mortgage payment is reserved for the mortgage insurance premium (MIP).
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