how to get rid of mip on fha loan

How to get rid of MIP on an FHA Home Loan. As long as you got your FHA-insured mortgage between Dec. 31st, 2000 and July 3rd, 2013, and you have paid the LTV (loan to value) of the mortgage to 78% or less. Contact your lender and ask them if you’re eligible to have your annual insurance premium removed.

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Refinancing your existing mortgage can be beneficial for a variety of reasons. For example, homeowners may be interested in refinancing to get a lower interest rate, to shorten their term, or to remove their mortgage insurance. Let’s say you purchased your home four years ago for $200,000, and financed $180,000 at 3.875%. Due to putting down.

The federal Homeowners Protection Act (HPA) provides rights to remove private mortgage insurance (pmi) under certain circumstances. The law generally provides two ways to remove PMI from your home loan: (1) requesting pmi cancellation or (2) automatic or final PMI termination. Request PMI cancellation.

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 · FHA Monthly Mortgage Insurance Premium.. the lender must remove the mortgage insurance at that time. So, to answer this question “how to get rid of FHA PMI”, a borrower must have one of the following scenarios:. Conventional loans do not require life of loan mortgage insurance.

Walker & Dunlop’s team, led by FHA experts, Frank Baldasare and Heather Olson. combining both construction and permanent.

FHA vs. Conventional Loans: Which is Better? [#AskBP 045]  · Get rid of FHA mortgage insurance without refinancing. The amount you pay depends primarily on when you got your loan. The premium was just .55% up until October, 2010, when FHA raised it to .90%. The MI increased each year until April, 2013, when it reached 1.35%. FHA decreased it to .85% in January, 2015.

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Get rid of FHA mortgage insurance without refinancing. The amount you pay depends primarily on when you got your loan. The premium was just .55% up until October, 2010, when FHA raised it to .90%. The MI increased each year until April, 2013, when it reached 1.35%. FHA decreased it to .85% in January, 2015.

Most people with private mortgage insurance want to know how to get rid of it. And for good reason: PMI tacks on a substantial extra fee to your already massive mortgage payments.

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