… Frequently Asked Questions About Home Loans Have a question about mortgages with Arvest? We’ve answered some of …
- Top Question:
- What is MIP?
- Best Answer:
Mortgage Insurance Premium (MIP) is typically required when taking out a new FHA Mortgage while putting less than 20% as a down payment on the new home.
Mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages.