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how can i get lower mortgage insurance cost

i have paid off over 30% of my loan no problem but recently i had to stop working because of injury. i have never been late on my mortgage but making the payments while out of work for 4 months, the mortgage insurance would be more helpful if it was gone. i am back at work now and have good credit. please what can i do by terrell.kavanaugh... from Phoenix, Arizona. Nov 21st 2014 Reply


Jim Kenny (jim@elconquistadormortgage.com)
#43 ranked lender in Arizona - 7 contributions

If you have a Conventional Loan, the mortgage insurance should automatically go away when your balance reaches 78% through normal payments. If you feel you are under 75% of current value you can request the MI be dropped by your Lender....they'll probably require an appraisal. If you have an FHA loan, the MI will not go away without a conventional refi.

Nov 21st 2014
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Chris Gummerson (cgummerson11)
#395 ranked lender in California - 648 contributions

If you are back working and have W2 job with 30 days of paystubs, and you qualify with income and credit, you should be able to refinance into a new loan, dropping the mortgage insurance.

Nov 21st 2014
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Timothy Howard (timehoward)
#70 ranked lender in Utah - 154 contributions

Call your lender to have them remove it. If you are below the 78% Loan To Value, as Jim said, it should have come off already. If you have a copy of the appraisal, see what the value is and then call the bank for a payoff, this will give you a true idea of what your Loan To Value.

Nov 22nd 2014
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

If it has not come off already, call your Lender to find out why.

Nov 22nd 2014
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

Hello from AZ.. FIRST , who is your lender? also, email me at yourloanpartnerforlife@live.com i have some alternative ways that might work for you

Nov 22nd 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

If you have a conventional loan, your mortgage insurance will automatically go away once you reach 78% of the initial balance. If you believe you are currently under 80%, contact your lender and ask to have it removed. They will give you instructions, which generally include YOU paying for an appraisal for their list of approved appraisers. If you are under 80%, and if you have made all your payments on time, the mortgage insurance should easily be removed. If you have an FHA loan, there have been some recent changes, so it depends on when you got the loan. But if it is a few years old, the same basic rules apply. Call your lender!

Nov 24th 2014
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

I would need to know which loan product you have to advise you properly, but in general, FHA loans initiated prior to October 2014, you would need to pay for a minimum of 5 years, and once your loan balance is 78% or less than your original appraised value, then it will drop automatically.. if your FHA loan was initiated after that date, then the MI will never go away in most cases.. you'll have to refinance to get it removed, which is impossible if you don't have income. For conventional, once you have paid for 24 months and reach 20% equity or more, you can contact your lender and request it be removed and you wont have to refinance to get it done.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 24th 2014
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Sorry.. the FHA date for lifetime MI started June 2013, not October 2014. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 24th 2014
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