How can I get rid of PMI without 20% down?
How can I get rid of PMI without 20% down?
To sum up, when it comes to PMI, if you have less than 20% of the sales price or value of a home to use as a down payment, you have two basic options: Use a “”stand-alone”” first mortgage and pay PMI until the LTV of the mortgage reaches 78%, at which point the PMI can be eliminated. 1 Use a second mortgage.
How do I convert my FHA to conventional?
To convert an FHA loan to a conventional home loan, you will need to refinance your current mortgage. The FHA must approve the refinance, even though you are moving to a non-FHA-insured lender. The process is remarkably similar to a traditional refinance, although there are some additional considerations.
How can I pay off my 30 year mortgage in 15 years?
Options to pay off your mortgage faster include: Adding a set amount each month to the payment. Making one extra monthly payment each year. Changing the loan from 30 years to 15 years. Making the loan a bi-weekly loan, meaning payments are made every two weeks instead of monthly.
