Sentences with phrase «initial upfront mortgage insurance»
Not exact matches
As opposed to upfront premiums — the mortgage insurance paid when receiving the loan, 1.75 percent of the value — annual premiums vary based on the length of the loan, the amount, and the initial loan - to - value ratio (LTV).
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HUD Mortgagee Letter 2000 - 46, released on December 20, 2000, states the following: «FHA's annual mortgage insurance premium will automatically be canceled - once the unpaid principal balance, excluding the upfront MIP, reaches 78 percent of the lower of the initial sales price or appraised value...»
At closing, an upfront insurance fee ranging from 2 % to 3 % of the mortgage amount is charged; this initial insurance cost can either be paid immediately, or can be rolled into the total mortgage amount and added to the monthly payment.
3 If the initial disbursement exceeds the 60 percent threshold, a higher upfront mortgage insurance premium (MIP) is assessed on the loan.
3 If the initial disbursement exceeds the 60 percent threshold, a higher upfront mortgage insurance premium (MIP) is assessed on the loan.
Currently, borrowers who wish to access more than 60 % of their initial proceeds within the first year (such as to pay off a large mortgage balance), must pay an upfront mortgage insurance premium of 2.5 %.