MORTGAGE EDUCATION
The home buying process can seem intimidating – but it doesn’t need to be. This comprehensive resource guide will walk you through the process step by step, so, when it comes time to put down roots, you can do so with confidence.
Use these quick calculators to compare and contrast various loan options.
- Mortgage Payment Calculator
- Rent or Buy Calculator
- Home Sale Proceeds Calculator
- How Much Home Can I Afford?
- Compare Mortgage Loans
- Adjustable Rate Mortgage Calculator
- Home Refinance Calculator
- Home Closing Costs Calculator
- Debt-to-Income Ratio Calculator
- Calculate Down Payment on a House
- Mortgage Loan Calculator
Whether or not you need to pay a mortgage insurance premium (MIP) depends on the terms of your loan. Down payment amounts dictate the need for mortgage insurance premiums, which influence monthly payments — and the amount due at closing. All Federal Housing Authority (FHA) mortgages require borrowers to pay an upfront mortgage insurance premium, known as UFMI, at closing in addition to an annual premium for the life of the loan. The upfront premium costs 1.75% of the loan amount, and the annual mortgage insurance premium runs between 0.45% to 1.05%.
If you made a down payment of less than 10%, you’re responsible for paying the annual premium in monthly installments over the life of the loan. If you put down over 10%, the requirement to pay the annual premium ends after 11 years.
Whether or not you need to pay a mortgage insurance premium (MIP) depends on the terms of your loan. Down payment amounts dictate the need for mortgage insurance premiums, which influence monthly payments — and the amount due at closing. All Federal Housing Authority (FHA) mortgages require borrowers to pay an upfront mortgage insurance premium, known as UFMI, at closing in addition to an annual premium for the life of the loan. The upfront premium costs 1.75% of the loan amount, and the annual mortgage insurance premium runs between 0.45% to 1.05%.
If you made a down payment of less than 10%, you’re responsible for paying the annual premium in monthly installments over the life of the loan. If you put down over 10%, the requirement to pay the annual premium ends after 11 years.
