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Loan Glossary

Plain-English definitions for every term you'll encounter in the loan process

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Showing 1 term in Mortgage starting with M
M

Mortgage Insurance Premium (MIP)

Mortgage

Insurance required on FHA loans regardless of down payment. Includes an upfront premium (1.75% of the loan amount) and annual premiums (0.55%–1.05% depending on loan terms) paid monthly.