What to do after house is paid off?

What to do after house is paid off?

Other Steps to Take After Paying Off Your Mortgage Cancel automatic payments. …Get your escrow refund. …Contact your tax collector. …Contact your insurance company. …Set aside your own money for taxes and insurance. …Keep all important homeownership documents. …Hang on to your title insurance. Jun 8, 2021

How long do you pay mortgage insurance?

You pay the annual mortgage insurance premium, or MIP, in monthly installments for the life of the FHA loan if you put down less than 10%. If you put down over 10%, you pay MIP for 11 years. » MORE: Is an FHA loan right for you?

Who pays mortgage insurance?

Lender paid. There’s only one type of MIP, and the borrower always pays the premiums. But FHA loans don’t just have monthly MIPs. They also have an up-front mortgage insurance premium of 1.75% of the base loan amount. Jun 12, 2020