What is a Mortgage Insurance Premium (MIP)?

Mortgage Insurance Premium (MIP) Definition

The insurance policy used by the FHA. If a down payment is less than 20%, MIP will be added to your monthly bill. This can be either an upfront cost of a payment that is added to the monthly bill. The rate depends on the loan timeframe and the LTV.


If you’d like to learn more, simply fill out the form below and a friendly FHA Streamline Refinance specialist will get in touch!