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The ability to remove FHA mortgage insurance depends on your loan origination date and size of your down payment. If you got your FHA loan after the year 2000, you might be able to cancel FHA ...
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 ...
FHA loans often require refinancing to remove PMI, even after the LTV drops below 80%. The effective interest savings from paying off PMI can be substantial. In the case of lender-paid MI, the term of the policy can vary based upon the type of coverage provided (either primary insurance, or some sort of pool insurance policy).
Many first-time homebuyers will discover that they have to pay for something called "mortgage insurance." This adds to your monthly mortgage payment and is often an unpleasant surprise.
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 ...
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 ...
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