I was told that the PMI wouldn’t come off until you pay 80% of your home off or refinance or if your looking to buy as a 1st time home buyer you should put 20% down. I’m 26 I bought my home for almost 300,000 the PMI sucks because when it comes to my escrow and my insurance and PMI the PMI screws me over smh
ugh... bought my home early last year at $207k at 2.85 on 30 year FHA loan. 3% down was a grant from Texas first time home owners.. Now, my house is valued by the county at $300k giving me supposedly 100k equity.. I hate this PMI of $137 each month but I will not refinance into a higher apr cause it will cost more than keeping the PMI currently. If I had the PMI taken off, I would put it into the principal... seems like they just wanna keep me in interest hell by keeping me away from paying off the principal.
I'm in a similar situation. I'm just stuck paying this. Can't refinance with current rates. Can't buy a different house with prices and rates. Guess I'm just stuck paying this PMI indefinitely.
I guess the only good thing is that the MIP rate lowers down every year through out the length loan. I just find it funny that the homebuyer has to pay for the mortgage company to insure itself in case the homeowner cant pay but the mortgage company will still get a very decent amount of money through interest over the period of the loan @@mulletsquirrel
Is the equity based on full value of the property? or the loan value. i.e. my loan is 400K but the property is 600K which one would be the basis of the equity for PMI? Thanks, great video!
My lender took almost half of my down payment for to fund the whole PMI is this the Single Premium PMI that you talked about in this video ? I’m a first time home buyer using FHA to buy a duplex and the lingo is so confusing even after studying this niche for awhile 😫 awesome video
Mine went up 33% in one year too, Could of been more but I had to protest my property taxes because county appraiser had it at $347k.. we settled at $300k
I was told that the PMI wouldn’t come off until you pay 80% of your home off or refinance or if your looking to buy as a 1st time home buyer you should put 20% down. I’m 26 I bought my home for almost 300,000 the PMI sucks because when it comes to my escrow and my insurance and PMI the PMI screws me over smh
I wish I would’ve known about this when I bought my house. No one told me about it and I could’ve put the 10% down.
ugh... bought my home early last year at $207k at 2.85 on 30 year FHA loan. 3% down was a grant from Texas first time home owners.. Now, my house is valued by the county at $300k giving me supposedly 100k equity.. I hate this PMI of $137 each month but I will not refinance into a higher apr cause it will cost more than keeping the PMI currently. If I had the PMI taken off, I would put it into the principal... seems like they just wanna keep me in interest hell by keeping me away from paying off the principal.
I'm in a similar situation. I'm just stuck paying this. Can't refinance with current rates. Can't buy a different house with prices and rates. Guess I'm just stuck paying this PMI indefinitely.
I guess the only good thing is that the MIP rate lowers down every year through out the length loan. I just find it funny that the homebuyer has to pay for the mortgage company to insure itself in case the homeowner cant pay but the mortgage company will still get a very decent amount of money through interest over the period of the loan @@mulletsquirrel
Thank you for the information love it..
How is the rate now
I love you !! Your the best , your my fav loan officer on social media
Am I P doesn’t ever leave until the loan is paid off I was told this by the FHA
The lender still doesn’t have to take it off… it’s up to you to contact them
Also, thanks for the helpful information! 😁👍
Solid info
Glad it was helpful!
Is the equity based on full value of the property? or the loan value. i.e. my loan is 400K but the property is 600K which one would be the basis of the equity for PMI? Thanks, great video!
My lender took almost half of my down payment for to fund the whole PMI is this the Single Premium PMI that you talked about in this video ? I’m a first time home buyer using FHA to buy a duplex and the lingo is so confusing even after studying this niche for awhile 😫 awesome video
Can I try and cancel my MIP on my FHA if my house increased in its value giving me 30% equity on my house?
Mine went up 33% in one year too, Could of been more but I had to protest my property taxes because county appraiser had it at $347k.. we settled at $300k
How about paying the entire loan? Would it have penalty?
Already called our mortgage lender and they said there was no insurance because of an FHA loan
What did you do? You should have 2 insurances with FHA
Does this apply to fha MIP in california? My lender said no
Can u plz explain APR Cost or Price
Apr is annual percentage rate, includes ur affect rate plus ur closing cost
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