Category: Mortgages

According to several financial institutions, an Agreement in Principle (AIP) and a Mortgage in Principle (MIP) are essentially interchangeable terms describing the same stage of the home loan process. This initial statement from a lender gives a preliminary estimate of how much you might be able to borrow, based on a preliminary financial assessment.

According to industry data, having an Agreement in Principle (AIP) can make you a more serious and attractive prospect to sellers and estate agents. Knowing what are the next steps after AIP is crucial for maintaining momentum and successfully navigating the complex path to securing your new home.