Answer: To remove private mortgage insurance you must be up to date with your monthly payments. And you have to reach the date when the principal balance of your mortgage is scheduled to fall to 80 percent of the original value of your home. GREAT info from the CFPB’s original article – here To remove private […]Read More Can I Remove Mortgage Insurance from My Loan?
On December 19, 2014, legislation was passed once again allowing for the tax deductibility of mortgage insurance (MI) premiums for qualified borrowers. The deductibility is effective for purchase and refinance transactions closed after December 31, 2013. MI premiums paid or accrued after December 31, 2013 and through December 31, 2014 may qualify for tax deductibility […]Read More Mortgage Insurance = Tax Deduction
In the first Mortgagee Letter of the year FHA makes a HUGE change by reducing its annual mortgage insurance by 50 basis points across the board. The new rate will be 85 basis points (for loans with less than 5% down payment). Example – $200,000 mortgage with 3.5% down payment Previous FHA monthly mortgage insurance […]Read More FHA Officially Reduces Annual Mortgage Insurance – Cutting Monthly Payments!