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The Homeowners Protection Act of 1998 requires that lenders remove private mortgage insurance when a borrower reaches a 78 percent loan-to-value (LTV) ratio. For example, if the purchase price of ...
Conventional wisdom states that when buying a house, the responsible thing to do is to make a good down payment. Not only will you keep your mortgage payments lower, but you also will avoid ...
The simplest way to avoid PMI is to make a down payment of at least 20% of the purchase price. With home sale prices averaging well over $400,000 nationally, however, this means a down payment of ...
Here are a few ways to reduce the cost of mortgage insurance: • Get a lower loan-to-value supported by an appraisal, ...
Mortgage insurance became tax-deductible in 2007 in the US. [3] For some homeowners, the new law made it cheaper to get mortgage insurance than to get a 'piggyback' loan. The MI tax deductibility provision passed in 2006 provides for an itemized deduction for the cost of private mortgage insurance for homeowners earning up to $109,000 annually.
A broker price opinion (BPO) can be used to remove PMI (private mortgage insurance) when you think your home’s value has increased sufficiently (read how one of Bankrate’s staffers did it here ...
Borrower paid private mortgage insurance, or BPMI, is the most common type of PMI in today's mortgage lending marketplace. BPMI allows borrowers to obtain a mortgage without having to provide 20% down payment, by covering the lender for the added risk of a high loan-to-value (LTV) mortgage.
3. Eliminate your mortgage insurance. You might also try to eliminate your private mortgage insurance (PMI). PMI is assessed by most lenders on conventional loans with down payments less than 20 ...