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You must do the following to cancel PMI: Make the PMI cancellation request to your lender or servicer in writing. Be current on your mortgage payments, with a good payment history. Meet other ...
Yes, it is possible, answers Curtis Novy, a mortgage and real estate analyst with Corporate Mortgage Advisors. Seeing an opportunity to make money, many private investors are getting into the ...
1. Unrealistic guarantees for approval. One of the easiest ways to spot a loan scam is the promise of guaranteed approval. All legitimate lenders require an assessment to determine your ...
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. Later that same year, the program was expanded to include those ...
The mortgage industry of the United States is a major financial sector. The federal government created several programs, or government sponsored entities, to foster mortgage lending, construction and encourage home ownership. These programs include the Government National Mortgage Association (known as Ginnie Mae), the Federal National Mortgage ...
Lenders mortgage insurance. Lenders mortgage insurance ( LMI ), also known as private mortgage insurance ( PMI) in the US, is a type of insurance payable to a lender or to a trustee for a pool of securities that may be required when taking out a mortgage loan. Its purpose is to offset losses in the case where a mortgagor is not able to repay ...
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Mortgage elimination. Mortgage elimination is a type of mortgage fraud in the United States. In this scam, the promoter first convinces a mortgage holder (lender) that the debt that has been contracted is invalid or legally unenforceable, usually due to a combination of alleged technicalities in the note, deed of trust, or other loan ...