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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 ...
Your current mortgage has a prepayment penalty: The penalty must be considered a cost of refinancing and assessed like any other costs. Though a one-time charge, iIt will impact your ability to ...
It gets rid of private mortgage insurance. If your home value has gone up, there’s a chance refinancing your home could get rid of PMI sooner. Dropping PMI lowers your monthly payments.
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 percent of the purchase price.
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.
Private mortgage insurance (PMI) protects lenders against risk of default on loans to homebuyers. Reducing risk to lenders can mean lower interest rates and better access to credit for borrowers ...
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