Mortgage insurance - Posted by Nicole_AZ

Real Estate Investing
1

Posted by Chris on January 29, 2000 at 22:24:43:

Hi Nicole- Check these two links out to see if they help:

http://www.hud.gov/fha/comp/refunds/fhafact.html

http://www.hud.gov/fha/comp/refunds/page1.html

-Good Luck, Chris

2

Mortgage insurance - Posted by Nicole_AZ

Posted by Nicole_AZ on January 29, 2000 at 21:25:25:

Can you request a lender to stop charging mortgage insurance once your equity has reached 20% if you have an FHA loan? How would you go about doing this. A letter was sent to the lender a couple of months without a response to date. Thanks

Nicole

3

Re: Mortgage insurance - Posted by Pam

Posted by Pam on January 30, 2000 at 01:43:50:

I bought a property 8/99 on a 0 down FHA loan and was told the PMI will NEVER come off of it. Also, the loan computes interest MONTHLY not daily. Thus, if I send in the payment early it there is no advantage, they allote the same amounts to priciple and to interest no matter when it is received (up to the deadline). The only way to get aadditional equity is to increase apyment amount and designate extra to priciple… not always a good place to put your money.

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Re: Mortgage insurance - Posted by Susan (N.Ca.)

Posted by Susan (N.Ca.) on January 29, 2000 at 22:54:36:

You’ll have to call them and find out exactly what they require to remove the impound, but it was my experience that the note had to be two years old, and a new “original” appraisal had to be submitted along with the written request for removal. My lender at the time was San Francisco Federal / First Nationwide Mtge. Hope this helps.
Susan