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Because your down payment isn’t 20 percent, you’ll pay mortgage insurance premiums, but only until you pay down your loan balance to 80 percent, or $328,000.
Refinancing your mortgage could make sense for many reasons, including lowering your interest rate, taking cash out or switching to a fixed-rate mortgage. For most borrowers, the ideal time to ...
Mortgage insurance premiums on FHA loans stop after 11 years if you purchase your home with 10% down or refinance with 10% equity. Otherwise, you’ll pay these premiums for the life of the loan.
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).
Key takeaways. Mortgage insurance is a fee you pay to your lender to cover risks associated with funding your loan. Different loan types have different kinds of mortgage insurance. Conventional ...
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 ...
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