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Eliminate private mortgage insurance (PMI) If your home’s value has increased, increasing your equity stake, you could refinance your conventional loan to get out of paying private mortgage ...
A no-closing-cost refinance gets rid of the need to pay refinancing fees upfront, but it’s not free. Instead, you’ll finance the closing costs — with interest — as part of your new loan ...
You can get rid of FHA mortgage insurance. In most cases, for an FHA loan originated after 2013, you have to pay mortgage insurance premiums (MIP) on FHA loans for the loan’s lifetime. (The only ...
You can refinance a mortgage without paying closing costs upfront. This is called a no-closing-cost refinance . In this type of refinance, any closing costs are rolled into the new loan balance.
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify.
It may help to use a mortgage refinance calculator to figure out monthly payments. ... It gets rid of private mortgage insurance. ... without triggering the gift tax. And if you’re married, both ...
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