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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 ...
Here are a few ways to reduce the cost of mortgage insurance: • Get a lower loan-to-value supported by an appraisal, ... And while the lender must remove mortgage insurance at 22 percent equity ...
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In order to assume an existing mortgage loan it is generally necessary to obtain consent from the lender prior to the assumption process. Transfer of property with an existing mortgage loan that is made without the lender's consent is sometimes referred to as a sale "subject to" the existing loan.
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 ...
Here’s how eligibility for FHA mortgage insurance premium removal breaks down by loan origination date: If your origination date was between July 1991 and December 2000, you can’t cancel your ...
Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill, disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt.
A loan backed by the Federal Housing Administration (FHA) lets you avoid PMI with only a 3.5% down payment. The catch here is that the FHA requires borrowers to pay a mortgage insurance premium at ...