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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 ...
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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] The original law was extended in 2007 to provide for a three-year deduction, effective for mortgage contracts issued after December 31, 2006, and before January 1, 2010.
The simplest way to avoid PMI is to make a down payment of at least 20% of the purchase price. With home sale prices averaging well over $400,000 nationally, however, this means a down payment 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.
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
Mortgage payments consist of four parts, or PITI: principal, interest, taxes (property) and insurance (homeowners and/or private mortgage insurance). To lower mortgage payments means addressing ...