Mortgage insurance (MI) is something that was probably forced it upon you. It may have been necessary at the time, however, it may not be necessary to any more. With a conventional loan, by federal law, MI drops off when the loan is paid down to 78% of the original sales price. With FHA, depending on when the loan was originated, it might also drop-off at the 78% but it may also be required for the life of the loan. In the past, the only way to get rid of mortgage insurance was to demonstrate that you had sufficient equity (20%) in your home.
Your only options were to :
1) Pay your loan down on your own until the loan balance was 80% of the home’s value (80% LTV) or
2) Prove on you own that your home’s value was high enough (20% equity) so that you not longer needed mortgage insurance.
The good news is that today, you have other options. Lenders have designed new loan products that no longer require monthly mortgage insurance payments. In the interest of full disclosure, it’s worth mentioning that any loan that is higher than 80% loan to value is still considered to be risky, so that someone is going to require insurance to protect their investment.
The way that they accomplish this is by building the mortgage insurance premium into the interest rate.
If you want to exchange your MI loan for one without mortgage insurance, In any case, nowadays, we have solutions. mortgage insurance is dessigned ot The criteria for getting Depending upon the maturity of your loan and the type of mortgage insurance that you have, you may be able to petition to have your mortgage insurance removed. Another option is to simply replace the current MI loan with a loan that does not require mortgage insurance.
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