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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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Private mortgage insurance (PMI) is an extra monthly fee that you pay on a conventional mortgage if you put less than 20 percent down. ... you can request your lender to remove your PMI. Also, if ...
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.
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 ...
Find a lender with its own mortgage insurance program: ... the lender must remove PMI. For example, the midpoint for a 30-year loan would be after 15 years of payments, regardless if you have ...
By Scott Sheldon Mortgage insurance is the dreaded premium on a mortgage payment that consumers hate, and for good reason. It makes the cost of homeownership rise over time, benefiting one group ...