MIP Meaning in the Cambridge English Dictionary Cambridge dictionaries logo
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Meaning of “MIP” in the English Dictionary

"MIP" in Business English

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MIPnoun [C]

uk   us   PROPERTY
abbreviation for mortgageindemnitypremium: a ​type of ​insurance in the UK that is ​paid by someone ​borrowingmoney to ​buy a ​house. The ​insuranceprotects the lender against a ​fall in the ​value of the ​house if the ​borrower cannot ​pay back the ​loan: Most ​buildingsocieties insist on an MIP for ​loans over 90%.
(Definition of MIP from the Cambridge Business English Dictionary © Cambridge University Press)
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