Sentences with phrase «original value of the loan»

Are you saying that you have paid the loan amount down to 78 % of the original value of the loan, or that because of market conditions you have greater than 20 % equity?

You can benefit from reduced monthly payments and lower interest rates that also save thousands of dollars on the original value of the loan.

Most mortgages allow you to prepay 20 % of the original value of the loan which is way more than most people can pay down so they don't benefit at all from the ability to put down more than 20 %.

Not exact matches

The prospect of the DOE «selling» the loan to an investor group is reportedly unprecedented, but even at the much lower price than its original value, represents the best chance for U.S. taxpayers to get at least part of their money back.

Your lender must automatically cancel PMI when your outstanding loan balance drops to 78 percent of the home's original value, which can take several years.

Typically, this is the original loan amount and is secured by the value of the property.

Once your loan balance reaches 80 percent of the home's original value, you may ask the lender to discontinue the PMI premiums.

Original value is defined as the sales price or the appraised value of the home when the loan was made — whichever is less.

Recent Federal Legislation requires automatic termination of mortgage insurance for many borrowers when their loan balance has been amortized down to 78 percent of the original property value.

Additionally, the car had an original value of $ 30,000, 20 % depreciation per year, a $ 1,000 comprehensive and collision insurance deductible and a five year loan with a 4.21 % APR..

Regardless of the value of a home, most mortgage insurance premiums cost between 0.5 % and as much as 5 % of the original amount of a mortgage loan per year.

With no - appraisal refinancing, the value of your new loan will simply be based upon the original value of your home, as determined by the appraisal conducted when you bought it.

Under the Homeowner's Protection Act (HPA) of 1998, you can request PMI be removed from your mortgage when the balance on your loan reaches 80 % or less of the home's original purchase price or appraised value at the time of purchase (whichever is less).

In the original Mortgage Market Note issued by the FHFA, it was suggested that loan - to - value (the percentage of the overall purchase price which was being borrowed) was a major factor in determining if a loan would default:

If a subordinate lien (home equity loan or line of credit) will remain in place, the CLTV can not exceed 125 % based on the original home value if there's no new appraisal, and 125 % of the home's current appraised value for loans with a current appraisal.

A conventional loan will allow you to use your current appraised value instead of the original purchase price.

A lot of what I read says that PMI can be cancelled when you reach 80 % of the original loan value, and at 78 % it must automatically removed by the lender.

You, the borrower, would pay the premiums for that insurance until your PMI is cancelled when your outstanding loan balance drops to 78 % of the home's original value.

During this time the market had done well, so when I paid back the funds the net difference in shares that I now owned (including shares purchased with the interest payments) was $ 538.25 less than today's value of the original count of shares that were sold to fund the loan.

The loan - to - value ratio (LTV) is the original loan amount divided by the lower of the sales price or the appraised value.

In most cases, the lender will allow a borrower to cancel mortgage insurance when the loan is paid down to 80 % of the original property value.

This is advisable only if you have paid more that half of your mortgage or you have made improvements on the house and the current value is higher than that considered for the original loan.

With home refinance loans, your home equity plays the same role your down payment did when you took out the original mortgage — it represents the portion of the home's value that is paid for up front, so the lender isn't covering the entire value of the home.

Consider the cost of the home mortgage: Most people aren't aware that by the time they finish paying on a 30 - year loan, they will actually be paying over double the home's original value — due to interest!

I am wondering if the Lender would considering «forgiving» the downside of the loan to the original owner at a slight premium to market value so he can keep his home?

Lenders should automatically terminate the mortgage insurance when your loan balance reaches 78 percent of the original home value.

But that could require a lot of money depending on where your loan balance is relative to the original value.

PMI can add hundreds of dollars a year to your loan, but you can cancel it once you owe less than 78 % of the home's original value.

Equity is the difference between the amount of your original loan and the actual value of the home; if you sell or refinance your home after entering the HOPE program, under the terms of HOPE you are required to share any equity with the FHA.

Your lender must terminate PMI even if the principal balance of your loan has not actually reached 78 percent of the original value of your home — for example, because the value of your home declined.

The AFR is useful for tax concepts such as Original Issue Discount (when issuers sell low - interest or no - interest bonds or loans at less than face value, attempting to recharacterize interest income as return of principal), various grantor trusts (e.g. GRATs), and so forth.

Personally, we have a fixed - rate, 5 - year mortgage that allows us to increase our monthly payment by 25 % and make a total annual prepayment of 20 % of the original loan value without any penalty.

Recent Federal Legislation requires automatic termination of mortgage insurance for many borrowers when their loan balance has been amortized down to 78 % of the original property value.

For an IRRRL, the main goal is to get a lower interest rate, so the appraised value of your home at the time of the original loan is sufficient for underwriting purposes.

By the end of the 30 - year fixed loan, you'll end up paying nearly 2.5 times what the original loan amount was and almost double the value of the home.

Federal Legislation requires automatic termination of mortgage insurance for many borrowers when their loan balance has been amortized down to 78 % of the original property value.

Recent Federal Legislation requires automatic termination of mortgage insurance for many borrowers when their loan balance has been amortized down to 78 % of the original property value and you have a positive payment history the preceding two years.

For example, suppose that the house had a fair market value of $ 100,000 that was increasing at a rate of $ 1,000 per year, and the original loan amount was $ 80,000.

Additionally, the car had an original value of $ 30,000, 20 % depreciation per year, a $ 1,000 comprehensive and collision insurance deductible and a five year loan with a 4.21 % APR..

Regardless of the value of a home, most mortgage insurance premiums cost between 0.5 % and as much as 5 % of the original amount of a mortgage loan per year.

If you are unable to pay off your loan or don't receive enough value in other property to pay it off, you may have the option of refinancing the original vehicle loan.

Since home values, loan balances / terms / neighborhood were identical, the real difference was the safety of the original investment capital.

For example, one of the criticisms of the original rule had been that contributed land value on a construction loan was valued at the price of the last sale, even if that sale was 40 years ago.

Under the new federal law - The Homeowners Protection Act - lenders must drop PMI if the loan closed after July 29, 1999 AND the loan to value ratio reaches 78 percent of the home's original market value.

In comes HARP 2.0, with easier guidelines for borrowers to qualify, now unlimited Loan - To - Value ratios are allowed, as well as «Representation & Warrants» requirement waivers, relieving lenders of almost all Reps & Warrants of the original loan, making it much more likely that they participLoan - To - Value ratios are allowed, as well as «Representation & Warrants» requirement waivers, relieving lenders of almost all Reps & Warrants of the original loan, making it much more likely that they participloan, making it much more likely that they participate.

FHA Streamline Refinances are the fastest and most simple way for a homeowner with an FHA - insured home loan to refinance their existing mortgage because the FHA allows the home's original purchase price to be used as the current value of the home rather than requiring an appraisal.

HomeReady ™ is a conventional mortgage loan via Fannie Mae, which means that you are required to pay private mortgage insurance until your home's loan - to - value (LTV) reaches 80 % of the original purchase price, or 80 % of the home's market value.

As of June 2013, mortgage insurance premiums must be paid for 11 years in loans which the original loan - to - value (LTV) is 90 % or less.

Additionally, the borrower can request the private mortgage insurance to be cancelled once the loan reaches 80 % of the original value, based on either the actual payments made, or the initial amortization schedule (for fixed rate loans) or current amortization schedule (adjustable rate loans), irrespective of the actual loan balance.

- The loan servicer, the one that the borrower makes their mortgage payment to, MUST cancel the MI once the loan amount reaches 78 % of the ORIGINAL value, or