Helpful Mortgage And Real Estate Advice

Initial Steps Towards FHA Mortgage Insurance Premium Removal

By on November 12, 2014 in Mortgage Programs

FHA’s mortgage insurance premiums (MIP) are rising preventing you from being able to save for all your other financial obligations. It is time to take the initiative steps in having it removed, but first, there are a few steps and precautions you must take to ensure that the process can go smoothly.

Before you put in your written request it is best to make sure that you are currently up-to-date on your mortgage loan payments as the lender would have to review your mortgage payment history in order to consider you for the removal of your MIP. Keeping in mind, if your home has been converted to a rental property, a higher amount of equity may be required as well.

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About the Author

About the Author: Jessica Lucas is the managing editor for Mortgage Home Base, a top real estate finance blog dedicated to helping borrowers and home buyers understand the home loan process. Follow Jessica on Google +, and share your comments here. .
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