Tag - mortgage insurance

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. [...]

Mortgage Insurance Reductions - More People Can Afford a Home

Mortgage Insurance Reductions – More People Can Afford a Home

It's a great time to refinance, and I'm not just saying that. The proof is in the pudding. Refinances rose 7% in January according to the Mortgage Bankers Association. Mortgage applications increased by 29% the first couple of weeks in January. This is primarily due to the FHA's newest rules to cut mortgage insurance premiums. They recently cut their insurance premiums for the first time in two years. FHA insurance premiums went down from .85% to .60%. Why does this matter? Because those that could previously not afford an FHA mortgage can now afford that. Mortgage insurance has been a added deficit for many [...]

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