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Message
re: Getting rid of mortgage insurance- Updated with answer
Posted on 3/22/18 at 10:34 pm to tiger10lsu
Posted on 3/22/18 at 10:34 pm to tiger10lsu
quote:
Any loan after June of 2013 says you can not get rid of PMI with an FHA loan.
Man this sucks. I can relate. Not a fan of PMI at all.
1
Posted on 3/24/18 at 8:49 pm to TDFreak
PMI is such a screwing. You can pay X a year to State Farm to insure against the total loss of your home. It burns down, they pay replacement.
PMI only has to cover the difference if you default and the sale of your mortgaged property doesn’t cover the loan balance. Their premium is likely X or greater per year. They seem to charge way too much to insure against such a small potential claim.
PMI only has to cover the difference if you default and the sale of your mortgaged property doesn’t cover the loan balance. Their premium is likely X or greater per year. They seem to charge way too much to insure against such a small potential claim.
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