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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 ...
Instead, you’ll have a higher loan balance on a no-closing-cost refinance or a higher interest rate. Here’s how it works. Say you’re refinancing a $200,000 mortgage to a new, 15-year loan ...
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.
Refinancing is another way to get rid of PMI. If your lender won't drop the monthly PMI requirement but your LTV is less than 80%, you can likely refinance the loan without PMI. How to Completely ...
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.
You will have a higher interest rate: If your credit score is not great, or current interest rates are much higher than when you got your mortgage, refinancing will make your loan more costly overall.
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