Loan term caLcuLator

Most people don't realize there are so many ways you can reduce your monthly mortgage payment effectively and quickly. However, most of the methods require good credit and credit score. Most mortgage loans contain escrow (which is taxes and insurance) and Private Mortgage Insurance (PMI) or MIP (Mortgage Insurance Premium). Drop your PMI or MIP and some excess mortgage fees The rules are tougher to get people who are in the bind - get out. What to do with PMI? Over 75% of the mortgage loans that are 4 years or newer have less than 10% equity, because you borrowed and borrowed against your single most important investment (your HOME). However, if you are not over borrowed on your PRIMARY resident, then please look at the information below: PMI-banks. Show an appraisal that your owe or borrowing less than 80% of the value of the home/property, PMI/MIP would be waived. The rule is now changed. Need a certified appraisal from lenders list of appraisal. 20 % reduction from the original loan amount. Now, some may also have contracts that may say the principal must be less than 20% of the loan amount. I believe this is ridiculous. MIP is a fee of almost a little over 3.50% (if FHA). MIP is to protect the banks interest also. It cannot be waived BUT, if you sell within the first 5 years - ask to be reimburse (at least a portion). There is no way of getting it waived even if a person claims disability. It is for the life of the loan. Because of the foreclosures, the FHA also added 2% additional to MIP insurance which is good for 7 years or 1% for the life of the loan. So you will actually see a decrease after 7 years. If the property is sold within the first 7 years, the MIP is prorated and seller can ask for the reimbursement of a portion. 2% within the first 5-7 years and the rest for the life of the loan. PMI or MIP is 10% for conventional loan of your monthly mortgage payments.Learn more..

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