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The Homeowners Protection Act of 1998 requires that lenders remove private mortgage insurance when a borrower reaches a 78 percent loan-to-value (LTV) ratio. For example, if the purchase price of ...
A broker price opinion (BPO) can be used to remove PMI (private mortgage insurance) when you think your home’s value has increased sufficiently (read how one of Bankrate’s staffers did it here ...
Streamline refinancing reuses the original paperwork from a home loan, allowing someone to refinance the property before private mortgage insurance or insurance rates rise. The FHA streamline refinancing program requires no repairs be made to the property except for the removal of lead-based paint. [ 6 ]
Conventional wisdom states that when buying a house, the responsible thing to do is to make a good down payment. Not only will you keep your mortgage payments lower, but you also will avoid ...
Private mortgage insurance (PMI) is an extra expense that conventional mortgage holders have to pay lenders each month. It typically applies to borrowers whose down payment on a home is less than ...
Mortgage insurance became tax-deductible in 2007 in the US. [3] For some homeowners, the new law made it cheaper to get mortgage insurance than to get a 'piggyback' loan. The MI tax deductibility provision passed in 2006 provides for an itemized deduction for the cost of private mortgage insurance for homeowners earning up to $109,000 annually. [3]
Types of housing that require PMI: 1) Primary residences -- maximum loan to value of 97 percent, 95 percent loan to value produces best terms; 2) Second/vacation Homes-- Maximum loan to value of ...
Borrower paid private mortgage insurance, or BPMI, is the most common type of PMI in today's mortgage lending marketplace. BPMI allows borrowers to obtain a mortgage without having to provide 20% down payment, by covering the lender for the added risk of a high loan-to-value (LTV) mortgage.