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| Definition Of: |
Mortage Insurance Premium
The payment made by a borrower to the lender for transmittal to HUD to help defray the cost of the FHA mortgage insurance program and to provide a reserve fund to protect lenders against loss in insured mortgage transactions. In FHA insured mortgages this represents an annual rate of one-half of one percent paid by the mortgagor on a monthly basis.
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Debt Busters Dictionary INDEX:
List of Terms: Terms beginning with "A", Page 1 |
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1 A: Page 1 of 1.
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