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Q: What is a mortgage insurance premium (MIP)?

Mortgage insurance protects the lender from losses of a mortgage defaults.
A mortgage insurance premium (MIP) is the insurance for an FHA loan. A percentage of the loan amount is due at closing.
There may also be a monthly premium depending on the loan-to-value ratio.
On a conventional loan, the borrower may choose to pay a mortgage insurance premium at closing or pay a portion of the premium throughout the life of the loan.
Click here for more information on home loans.

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