· private mortgage insurance is sometimes added on to a mortgage payment so the lender can be sure the home is insurned. If you don’t know if your have PMI, you can check your mortgage statement or ask your lender.
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The FHA homebuyer pays for the policy upfront and monthly. Borrowers normally pay monthly MIP for the life of the FHA loan. But, there are ways to get rid of your mortgage insurance. You can cancel it with a refinance. If you have an FHA loan opened prior to June 2013, you can also wait for it to terminate automatically.
One of the main ways to get rid of FHA MIP is to put down at least 10% at closing. You’ll still pay the premiums, but just for 11 years. Another way to drop it is to refinance into a conventional mortgage, but you must do several things to prepare for a refi, including:
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To remove PMI, or private mortgage insurance, you must have at least 20% equity in the home. You may ask the lender to cancel PMI when you.
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We’ll go over some factors affecting whether you can get rid of your mortgage insurance and when you can do it. After that, we’ll look at how these factors together help you determine whether or not you can eliminate your mortgage insurance.
Get rid of mortgage insurance When you finance with an "FHA mortgage" what you’re really getting is a mortgage funded by a private lender. In exchange for the right to buy with just as little as 3.5 percent down the fha program insures the loan. If you don’t pay the mortgage the FHA will step in and protect the lender against loss.