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The FHA streamline refinance allows you to refinance an FHA loan without a new home appraisal. The lack of appraisal can save you time and money because the cost of a home appraisal is usually ...
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 ...
No appraisal: The refinance loan amount is determined by what you owe on your current mortgage, not your home’s current value. That can be very beneficial for borrowers in a negative equity ...
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify.
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 ...
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 ...
In addition, if your home’s current market value is higher than what the lender assumes and you end up with a loan that’s less than 80 percent of the home’s value, you’d be able to avoid PMI.
Conventional mortgages allow you to tap up to 80 percent of your home’s equity through a cash-out refinance without paying mortgage insurance. You can possibly access larger loan amounts.
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