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FHA Mortgage Insurance Premiums Explained
This video breaks down the essentials of FHA mortgage insurance premiums. Before getting into the details, here are the key points:
Purpose:
It protects the lender if you default. This protection is important because FHA loans usually require low down payments.
Two Key Components:
Upfront Premium: Typically, 1.75% of the loan amount.
Monthly Premium: This fee varies based on your loan scenario.
Impact of Down Payment:
With a smaller down payment, you’ll pay the monthly premium for the life of the loan.
With a larger down payment, the premium may drop off after 11 years.
Refinancing Options:
As you build equity, refinancing into a conventional loan might allow you to eliminate FHA mortgage insurance.
Check it out if you’re considering an FHA loan and want to know more about mortgage insurance.
https://youtube.com/shorts/qRgkoCSJMzg
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This discussion was modified 6 hours, 55 minutes ago by
Chad Bush.
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This discussion was modified 5 hours, 37 minutes ago by
Sapna Sharma.
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This discussion was modified 45 minutes ago by Sapna Sharma.
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This discussion was modified 6 hours, 55 minutes ago by
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