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English definition of “MIP”

MIP

noun [C]     PROPERTY
abbreviation for mortgage indemnity premium : a type of insurance in the UK that is paid by someone borrowing money to buy a house . The insurance protects the lender against a fall in the value of the house if the borrower cannot pay back the loan : Most building societies insist on an MIP for loans over 90%. → Compare PMI
(Definition of MIP noun from the Cambridge Business English Dictionary © Cambridge University Press)
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