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  1. Help Center
  2. Mortgage Glossary
  3. Mortgage Insurance Premium (MIP)

Mortgage Insurance Premium (MIP)

Also known as Private Mortgage Insurance (PMI), a monthly payment by a borrower for mortgage insurance. This protects the lender by paying the costs of foreclosing on a house if the borrower stops paying the loan. Mortgage insurance usually is required if the down payment is less than 20 percent of the sale price.
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