Colli Real Estate

In a mortgage loan, how do you get rid of an MIP?

I am looking at refinancing my home loan and I was curious what an MIP (or an MPI…I don’t recall off hand) is for? I have been paying a mortgage “insurance” premium for a year now and I’m curious what it takes to get rid of that?

If it is an FHA loan and you are paying MIP, you have to pay the loan down to 78%. It is only .50% of the loan amount a year if it is an FHA loan. Pretty cheap considering it allowed you to get 100% financing that is assumable.

Learn How You Will Be Affected By FHA Home Loan Changes

FHA raises MIP, sets minimum FICO scores and steps up enforcement.(Briefing Book)(mortgage insurance premium)(Insurance policy): An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on February 1, 2010. The length of the article is 943 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: FHA raises MIP, s…

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