If you opt for government-backed financing, such as the FHA loan, you are going to pay mortgage insurance. It’s not the same insurance you pay on a conventional loan, though. The mortgage insurance you pay on an FHA loan is for the life of the loan. Compare Offers from Several Mortgage Lenders. Luckily, there are a couple of ways around paying it for life. We show you … [Read more...] about How Long Does PMI Last on FHA loans?
If you want FHA financing, you’ll have to pay FHA mortgage insurance. This insurance protects the lender should you default on the loan. The FHA requires both upfront and annual mortgage insurance for each of its loans. It doesn’t matter how much you put down on the home or how much you owe, you will always pay mortgage insurance on it. Looking for Current Mortgage Interest … [Read more...] about How Much Does FHA Mortgage Insurance Cost in 2018?
If you pay mortgage insurance on your loan, you probably wonder when you will be able to stop. That’s a valid concern. Unfortunately, it’s not a one-size-fits-all answer. It depends on the type of loan and the value of your home. Get Matched with a Lender, Click Here. There are several types of mortgage insurance you can pay: Conventional loans have … [Read more...] about How Long do You Pay Mortgage Insurance?
Mortgage insurance – it’s the dreaded part of any new mortgage. The only way around it is to put down more than 20% of the purchase price of a home. Not many people have this option. Even government-backed loan requires some type of insurance. So how can you get rid of it on a conventional loan? The good news is there are many ways! Pay the Balance Down Paying the loan’s … [Read more...] about When Does Mortgage Insurance Drop Off?
Getting a new FHA mortgage will cost less this year as the agency is reducing its annual MIP rates by 25 basis points. This annual mortgage insurance premium (MIP) reduction, according to the FHA, will help homeowners save $500 a year. Reduced rates will apply to mortgages that closed on or after January 27, 2017. Talk to a mortgage lender near you.» 2017 FHA Annual MIP … [Read more...] about Homebuyers Will See Lower FHA Annual MIP Rates This 2017