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Tagged with: mortgage insurance
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Joseph Fajardo
10 days ago
I need to refinance because the interest will go up in 5 years from now. The interest rate I am getting is a little higher than what I have now, but it's better to refinance. The principle balance is $210,200 and the house value at $313,000. I have a problem with the mortgage insurance. I don't think I should have to pay for insurance when my house has $100,000 in equity.
I need to refinance because the interest will go up in 5 years from now. The interest rate I am getting is a little higher than what I have now, but it's better to refinance. The principle balance is $210,200 and the house value at $313,000. I... (more)
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A Curious User
2 months ago
I refinanced my FHA loan. How do I get my MIP back from the FHA loan that is paid off?
I refinanced my FHA loan. How do I get my MIP back from the FHA loan that is paid off?
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A Curious User
3 months ago
My FHA loan was originated in April 2013 and it is likely that my home's current value drops the ratio of the outstanding loan balance/current appraised value below the 78% threshold to eliminate MIP. Is it possible to remove MIP if this is the case?
My FHA loan was originated in April 2013 and it is likely that my home's current value drops the ratio of the outstanding loan balance/current appraised value below the 78% threshold to eliminate MIP. Is it possible to remove MIP if this is the... (more)
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Rashmi Varadarajan
4 months ago
My initial loan payment was 225,000 USD which I applied for in 2009. I refinanced it for 3.75 % in 2012 and am currently paying 176.50 USD as MIP per month. My house prices have gone down and is currently valued at 211,000 USD. Please advise on when I can get rid of the MIP. Does it make sense for me to refinance to a conventional loan and pay off the PMI faster.
I would really appreciate a quick response. Thanks.
My initial loan payment was 225,000 USD which I applied for in 2009. I refinanced it for 3.75 % in 2012 and am currently paying 176.50 USD as MIP per month. My house prices have gone down and is currently valued at 211,000 USD. Please advise on when... (more)
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ivy time
7 months ago
I made my May mortgage payment and my loan was paid off on June 1st when I refinanced it. Since MIP is paid in arrears, (and my May payment covered the MIP for April), I only expected to be charged the MIP for May. My payoff statement, however, includes two months of MIP, as the lender states the MIP is owed for May AND June, since the loan was still "active" in June. Is this correct? It doesn't seem right to pay for insurance when there is nothing to insure, as the loan was paid off, and the June premium is not due until July. Please advise.
I made my May mortgage payment and my loan was paid off on June 1st when I refinanced it. Since MIP is paid in arrears, (and my May payment covered the MIP for April), I only expected to be charged the MIP for May. My payoff statement, however,... (more)
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Gary Bowers
7 months ago
My new loan will still have Mortgage insurance on it on it and requires the MPI be paid one year up front.
Do I get a refund from existing loan for the balance of the MPI in existing loan ?
My new loan will still have Mortgage insurance on it on it and requires the MPI be paid one year up front.
Do I get a refund from existing loan for the balance of the MPI in existing loan ?
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Trudy Beerman
7 months ago
According to this site, mortgage insurance is required on loans with less than a 20% downpayment and mortgage insurance protects the lenders from unpaid loans, so why is a foreclosure necessary? If the lender gets the insurance, and takes the property, and puts a legal claim on the former owner, isn't that like triple dipping?
According to this site, mortgage insurance is required on loans with less than a 20% downpayment and mortgage insurance protects the lenders from unpaid loans, so why is a foreclosure necessary? If the lender gets the insurance, and takes the... (more)
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A Curious User
10 months ago
I purchased the house in March of 2013 for $95,000. The home was appraised for $110,000. I put 3.5% down. I have now paid down the balance to $85,000. Am I eligible to have the monthly mortgage insurance removed based on a loan to value of 77% using the original appraised value or would they look at the loan to value using the original purchase price of $95,000? My lender is Chase if that helps.
I purchased the house in March of 2013 for $95,000. The home was appraised for $110,000. I put 3.5% down. I have now paid down the balance to $85,000. Am I eligible to have the monthly mortgage insurance removed based on a loan to value of 77% using... (more)
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lisa z... Asked 1 more question
10 months ago
I was told I can only apply for an FHA loan because we have good income, but a thin credit history. How can I avoid the mortgage insurance on an FHA loan?

The FHA website says "FHA requirements include mortgage insurance primarily for borrowers making a down payment of less than 20 percent." So can I assume 20% or more will eliminate PMI?

Thank you! :)
I was told I can only apply for an FHA loan because we have good income, but a thin credit history. How can I avoid the mortgage insurance on an FHA loan?

The FHA website says "FHA requirements include mortgage insurance primarily for borrowers... (more)
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