| Real Estate Dictionary |
| Not sure about the meaning of a particular word when it comes to real estate? Type the word to find its definition or select a letter to see all the definitions beginning with that letter. |
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| Real Estate Dictionary |
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| A contract that insures the lender against loss caused by a borrower's or mortgagor's default on a government or conventional mortgage loan. The contract can be issued by a private company or by a government agency such as the Federal Housing Administration (FHA). Depending on the type of mortgage insurance, the insurance may cover all or part of the mortgage loan. |
| Mortgage Insurance Premium (MIP): |
| The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company. Also referred to by the acronym MIP. |
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| Definitions are intended to be informational only. Please be advised that real estate practices vary from state to state and market to market. The information contained herein does not constitute legal advice. It is recommended that you consult with a qualified real estate attorney who can advise you specifically with respect to the requirements in your market. |
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