If we ignore the commercial side and just look at our properties considered residential from a mortgage perspective, we pay just shy of $ 4500.00 / year in
premiums on an appraised value of ~ 1.45 million.
Not exact matches
For example, if the lower of the sales price or the
appraised value at origination was $ 100,000, when the loan amount reaches $ 78,000, FHA will no longer collect annual mortgage insurance
premiums on the loan.
This «MIP» is a flat 2 %
premium based
on the amount the maximum lending limit of $ 679,650 or your home's
appraised value, whichever is less.
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...»
It is based
on an
appraised value of $ 300,000, origination charges of $ 5,000, a mortgage insurance
premium of $ 6,000, other settlement costs of $ 2,688, and a mortgage payoff of $ 35,000; amortized over 193 months, with total finance charges of $ 51,714.48 and an annual percentage rate of 4.53 %.
It is based
on an
appraised value of $ 300,000, origination charges of $ 5,000, a mortgage insurance
premium of $ 7,500, other settlement costs of $ 2,783, a lender credit of $ 1000, and a mortgage payoff of $ 130,000; amortized over 145 months, with total finance charges of $ 111,075 and an annual percentage rate of 5.68 %.