Mortgage Insurance Premium (mip)

Definition:   fee paid by FHA borrowers to obtain a loan (up front and annual)

Pronunciation:  \ˈmȯr-gij\ \in-ˈshu̇r-ən(t)s\ \ˈprē-mē-əm\

Used in a Sentence:   The MIP payment was calculated into our monthly mortgage payments.

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