MIP
Abbreviation with 2 meanings
| Stands for | Mortgage insurance premium |
|---|---|
| Meanings | 2 |
| Categories | Business & Finance, Sports |
MIP has two meanings. It stands for Mortgage insurance premium (real estate & mortgage) or Most Improved Player (basketball).
Meanings of MIP at a glance
| # | MIP stands for | Context |
|---|---|---|
| 1 | Mortgage insurance premium | Business & Finance › Real Estate & Mortgage |
| 2 | Most Improved Player | Sports › Basketball |
1. Mortgage insurance premium
Business & Finance · Real Estate & Mortgage Abbreviations
Insurance cost charged on FHA loans, made up of an upfront premium, typically 1.75% of the loan amount and usually financed into it, plus an annual premium paid monthly that protects the government against default.
Example: Our FHA payment includes $160 a month in MIP.
For loans with less than 10% down, annual MIP lasts for the life of the loan, a rule in place since 2013; with 10% or more down it ends after 11 years. The annual rate for most borrowers was cut to 0.55% in 2023. Many FHA borrowers later refinance into a conventional loan to get rid of MIP once they have enough equity.
2. Most Improved Player
Sports · Basketball Abbreviations
NBA award for the player who made the biggest jump in performance from the previous season, voted by media members. The trophy has been named for George Mikan since 2022-23.
Example: His leap from 9 to 24 points a game made him an easy MIP pick.
First given in 1985-86 to Alvin Robertson. Voters disagree on whether increased playing time should count as improvement. Tracy McGrady and Giannis Antetokounmpo won the award before becoming MVP candidates, and Antetokounmpo later won MVP twice.
Related abbreviations
More real estate & mortgage abbreviations
- LR – Living room
- LTV – Loan-to-value ratio
- LVP – Luxury vinyl plank
- MBR – Master bedroom
- MLO – Mortgage loan originator
- MLS – Multiple listing service
- NMLS – Nationwide Multistate Licensing System
- NN – Double net lease
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