Please Remove Mortgage Insurance Premiums from FHA LOANS!!!!
MIP (Mortgage Insurance Premium) - FHA Loans
Loan Type: Federal Housing Administration (FHA) loans.
Requirement: Mandatory on all FHA loans, regardless of down payment.
Cost Structure: Includes an upfront premium (1.75% of loan amount) and ongoing monthly premiums.
Cancellation: Often lasts the life of the loan or at least 11 years; generally requires refinancing to remove.
PMI (Private Mortgage Insurance) - Conventional Loans
Loan Type: Conventional loans.
Requirement: Required if your down payment is less than 20%.
Cost Structure: Typically a monthly premium, varying by credit and loan-to-value.
Cancellation: Can be canceled by the borrower once they reach 20% home equity (Loan-to-Value ratio).
There is not good reason they force you to keep paying mortgage insurance premiums once you pay 20% of the value of your loan. They are still RAPING my generation and stealing my future. FUCKING DESTORY ALL BANKS.