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How Long Do You Pay Mortgage Insurance on an FHA Loan?
How hard is it to cancel PMI?
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Mortgage insurance is required on all FHA loans unless 20 percent equity already exists in the home at the time of the loan funding. Otherwise, borrowers must wait for the loan balance to achieve 22 percent equity to cancel their mortgage insurance.
- » What you need to know about private mortgage insurance
- Rates are lower, too – the bank knows the FHA will cover its losses if you default. You will,...
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