mortgage insurance

HOW TO GET RID OF YOUR MORTGAGE INSURANCE – MI & PMI

 

By E. Vernon Small

Mortgage Insurance is required on conventional and FHA loans if the loan to value of the loan amount exceeds 80% of the value of the home.  It is an insurance policy that covers the lender in case of default or loss when the loan balance exceeds the property value.

Unfortunately, most homeowners will have to refinance their current loan to remove mortgage insurance.  Below is a guide that simplifies the most common options.


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