Get Rid of Mortgage Insurance Sooner Than You Think
Introduction One of the first things new homeowners notice is their payment feels way higher than what the lender originally quoted. I have seen this play out countless times. Someone buys a house, checks their first statement, and suddenly wonders why the mortgage insurance fee is taking such a big bite out of their payment. […]
Mortgage Insurance Calculator for a Quick PMI Estimate
Home price Down payment percent or down payment amount Loan type Conventional with PMIFHA with MIP Credit score range 760 or higher720 to 759680 to 719640 to 679620 to 639Below 620 Calculate mortgage insurance Results Estimated loan amount – Loan to value – Estimated monthly mortgage insurance – Annual MI rate – Enter a home […]
When Does PMI Go Away? Here’s How to Speed It Up
The Truth About PMI If you bought your home with less than 20 percent down, you’re probably paying PMI and wondering when it finally goes away. It’s frustrating. You’re paying for insurance that protects the lender, not you. It feels like money slipping out of your pocket every month for nothing in return. The good news is PMI isn’t forever. Once you build enough equity in your […]
MIP vs PMI: The Difference That Saves You Thousands
The Hidden Cost That Trips Up New Homeowners You finally got pre approved for a mortgage and you are feeling good until your lender drops the term mortgage insurance. If you are like most first time buyers your first thought is probably something like “Wait… I already have homeowners insurance, why do I need this too.” That is where it gets tricky. There […]
How Much Does Mortgage Insurance Cost? Most Pay Too Much
The Hidden Cost No One Mentions You’ve finally found the right home. You’ve budgeted for the payment, taxes, and insurance. Then your lender sends over the final estimate, and there’s a charge you didn’t expect: mortgage insurance. It’s not homeowners insurance. It doesn’t protect you, it protects the lender. If you put less than 20 percent down, the bank adds it as a safeguard in case you default. So […]
How to Get Rid of PMI Fast and Cut Your Payment Sooner
You finally close on your dream home. You’ve survived bidding wars, inspection headaches, and enough paperwork to build a small fort. You sit down to make your first mortgage payment and then you see it: Private Mortgage Insurance (PMI). It’s that annoying little line item that adds an extra hundred (or few hundred) bucks a month to your bill. And for what? According to Consumer […]
What Is Mortgage Insurance and How You Can Drop It Faster
Mortgage insurance: Is a policy that protects the lender if you stop making payments. It’s usually required when your down payment is under twenty percent. Wait, Why Am I Paying This? You finally get your loan estimate. You’re feeling good, the hard part’s over right? You found the house, locked in the rate and maybe even told your friends you’re “under contract.” Then you scroll down a few lines and see something called Mortgage Insurance. […]