Another Trick To Reduce Your Monthly Mortgage Payment Without Cost- Mip

Another Trick To Reduce Your Monthly Mortgage Payment Without Cost- Mip. 3 tips to guarantee you get the best mortgage interest rate

Another Trick To Reduce Your Monthly Mortgage Payment Without Cost- Mip video duration 3 Minute(s) 56 Second(s), published by Cinnamon218252 on 17 07 2010 - 01:37:02.

Most people don't realize there are so many ways you can reduce your monthly mortgage payment effectively and quickly
However, most of the methods require Levi talks about why he won't pay off his mortgage and asks "Who do you think benefits from you paying off your mortgage early?" He runs some different .

SUMMARY: In the above video I reveal a powerful strategy that is practically available to all, but is known and fully understood by a very few
If one takes the time Focus on the fundamental things you can do to boost your credit score so you can qualify for the cheapest mortgage options possible
Tips and tricks can be TITLE: 3 tips to get the best mortgage interest rate This video will show you everything you need to know about how to get the best mortgage interest rates on a .

Most people don't realize there are so many ways you can reduce your monthly mortgage payment effectively and quickly. However, most of the methods require good credit and credit score. Most mortgage loans contain escrow (which is taxes and insurance) and Private Mortgage Insurance (PMI) or MIP (Mortgage Insurance Premium). Drop your PMI or MIP and some excess mortgage fees The rules are tougher to get people who are in the bind - get out. What to do with PMI? Over 75% of the mortgage loans that are 4 years or newer have less than 10% equity, because you borrowed and borrowed against your single most important investment (your HOME). However, if you are not over borrowed on your PRIMARY resident, then please look at the information below: PMI-banks. Show an appraisal that your owe or borrowing less than 80% of the value of the home/property, PMI/MIP would be waived. The rule is now changed. Need a certified appraisal from lenders list of appraisal. 20 % reduction from the original loan amount. Now, some may also have contracts that may say the principal must be less than 20% of the loan amount. I believe this is ridiculous. MIP is a fee of almost a little over 3.50% (if FHA). MIP is to protect the banks interest also. It cannot be waived BUT, if you sell within the first 5 years - ask to be reimburse (at least a portion). There is no way of getting it waived even if a person claims disability. It is for the life of the loan. Because of the foreclosures, the FHA also added 2% additional to MIP insurance which is good for 7 years or 1% for the life of the loan. So you will actually see a decrease after 7 years. If the property is sold within the first 7 years, the MIP is prorated and seller can ask for the reimbursement of a portion. 2% within the first 5-7 years and the rest for the life of the loan. PMI or MIP is 10% for conventional loan of your monthly mortgage payments. It varies between the loan type, the down payment, how does the credit report/score looked when the loan was initiated, processed and closed, and debt to income at the time loan was processed. So, as you can see, there are a lot of factors involved. If you are borrowing more than 80% of the property value securing the loan (involved in the loan), then you have PMI added to your mortgage payments. This portion of your monthly payment has no effect on your mortgage loan, insurance and does not benefit you at all. This is a CLEAR CASH money to the lender at your expense. Va funding fee is 2.25% of loan bal. financed over 30 years and cant get reimbursed. If 40% or more disabled, then it is reduced and possibly waived. Retired gets discount but active duty does not get discount. Your Credit = Your Life, Fix It Now! talked about all these and gave you ideas. I suggest you read that. If your loan amount (principal amount you owe) to value (what your home worth now) is less than 80% or 75% (again depending on lenders), insist that your lender drop the PMI from your monthly mortgage payments IMMEDIATELY. Do NOT rely on the lender to do this in good faith or even make the suggestion to you. You need to insist and push the lender. The cheapest, quickest and simplest way to learn if your property worth over 20 or 25% of the principal amount, call the county or parish Tax Assessors office and ask them about some of the recent real estate sales in your area (called competitive sales-Comp.). In fact Real Estate agents and brokers can do this as well (at no cost to you); as long as they think you may be interested in listing your house for sale with them. The real estate sales within your 2 miles area and in the past one year should give you a clear indication of how much your property may value. However, you must understand there are several rules. 1. Real estate Rule one, two and three. Location, Location, Location. This means no-one should compare a property of a better subdivision with a property of a lower subdivision. If your property is in a subdivision with lower standards, it requires a recent appraisal (lender decides who performs the appraisal). 4. Most lenders require you to pay for the appraisal cost. It worth it. In two or three months, you will make up for that fee when you are released from paying PMI.