Sentences with phrase «initial upfront mortgage insurance premium»
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...»
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 %.