Tag - mip

How to Get Rid of Mortgage Insurance or a 2nd Mortgage

As values have gone up over the past couple of years it might be a good time to look into eliminating your mortgage insurance. If you purchased a home through an FHA loan or other type of mortgage that required mortgage insurance because of a low to zero down payment, the mortgage insurance will not automatically drop off and will carry on the life of the loan. These mortgage insurance premiums can range in price depending on the loan and length. The FHA upfront premium is 1.75% of the loan and is usually rolled into your monthly mortgage payment. [...]

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