I feel sidelined by my mortgage company after I consistently pay my amount due monthly, and have never been late. Today I get a statement in the mail saying there is a escrow shortage amount of $2700, in which I can pay in full to reduce my monthly payment. It feels like I’m being taken advantage of just so they pay my taxes and insurance from my mortgage payment.
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The reason: high mortgage insurance premiums, month after month and year after year. In fact, someone with a $250,000 FHA loan can expect to pay about $30,000 in mortgage insurance premiums. The good news is that you can cancel your FHA mortgage insurance and you can start today.
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To remove PMI, or private mortgage insurance, you must have at least 20 percent equity in the home. You may ask the lender to cancel PMI when you have paid down the mortgage balance to 80 percent.
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Pay Down Your Mortgage. One way to get rid of PMI is to simply take the purchase price of the home and multiply it by 80%. Then pay your mortgage down to that amount.
When Does PMI Stop on FHA, USDA, and Conventional Mortgage Loans May 22, PMI private mortgage insurance advantages & strategies for lower down payment and payment.. Loans over 90% LTV or more will pay the annual PMI for the complete term – On a purchase, this means less than 10% down.
You can look at refinancing into a conventional loan to stop paying mortgage insurance right now, but with your rate being where it’s at, I’m not sure that makes a lot of sense for you. It would probably be best to wait it out.
· How to calculate mortgage insurance (pmi). Private mortgage insurance (PMI) is insurance that protects a lender in the event that a borrower defaults on a conventional home loan. Mortgage insurance is usually required when the down payment.