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Mortgage glossary
Mortgage Insurance Premium (MIP)
Mortgage insurance charged on FHA-insured loans to protect the lender against certain losses. FHA loans generally include an upfront premium and an annual premium paid through monthly payments. The amount and how long it remains depend on FHA rules and the loan details.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.