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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 ...
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 ...
Rates have fallen, so you decide to refinance to a 15-year loan at 6 percent, cutting your monthly mortgage payment to $2,587 and dropping about $60,000 in interest.
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 ...
In addition, when you don’t have at least 20% equity, you’re on the hook for private mortgage insurance (PMI). Adding PMI to your new loan could cut your savings and give you a much longer ...
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]
Private mortgage insurance. If your down payment is less than 20% of your home’s purchase price, you may be on the hook for PMI (called MPI for FHA loans), which is designed to protect lenders ...
The new loan would trim your monthly mortgage payment to $1,859 per month, giving you an additional $107 of wiggle room in your monthly budget. Over the life of the loan, you’d pay $334,756, of ...