FHA Mortgage Insurance Premiums 2023/FHA MIP
Mortgage Insurance on FHA loan has lowered in 2023! This video will cover how to calculate the two types of insurances on FHA. There is an upfront premium of 1.75% of the loan amount, that is financed into the loan. Then there is a monthly amount that is .55% of the loan divided by 12.
After you watch this video, you will know how to calculate your costs on FHA mortgage insurance and be ready for your next home purchase!
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Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497
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Пікірлер: 7
Thank you ..
@LoanWithJen
5 ай бұрын
You're welcome! thanks for watching!
so you could be paying every month the upfront cost of MIP and the monthly of .55% correct?
@LoanWithJen
8 ай бұрын
On the right track- But the MIP (1.75% x loan amount) is rolled into the 30 year loan . So it is spread out over time. The only monthly is the .55%
@livinginnorthcarolina181
8 ай бұрын
@@LoanWithJen Thanks.
Does FHA MIP go down slowly over the life of paying off the loan? Like is it retroactive by the live principal price?
@LoanWithJen
9 ай бұрын
FHA mortgage insurance rates do not go down each year. But your premium payments do (the monthly one). That's because mortgage insurance payments are calculated based on your loan amount. So as your loan balance goes down each year, the dollar amount you pay for mortgage insurance is reduced as well.