What's the difference between AIP and MIP?
                                
                                
                                •
                                
                                
                        
                                    
                                    4 min read                                
                            
                                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.