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MORTGAGE LOAN INSURANCE

The Federal Housing Administration (FHA) provides insurance on mortgage loans. If the borrower defaults on the loan, the FHA will repay the loan, but the borrower no longer has a home. The FHA provides this service in order to aid those with poor credit history and cannot obtain a decent mortgage loan. Lenders will prefer borrowers with a clean credit record and so will offer a good deal on mortgage financing and will offer outrageous mortgage terms to those with poor credit history. The FHA steps in so that everyone can have their dream home without financially crippling themselves. The FHA provides a safety net against defaulters. Private issuers of this type of insurance are much stricter with their guidelines in terms of the down payment amounts. If the FHA has insured the mortgage loan, the down payment required is usually dramatically lower.

Mortgage Loan Insurance, Mortgage, Home Loan

The best part about the FHA insured mortgage loans is that it is transferable.  If you sell your home, the buyer can also reap the benefits of the FHA. The new homeowner can make payments on the original terms of your loan. If the original mortgage interest rate is lower than the current rate, then it is an added benefit for the buyer and the seller because the seller will probably be able to sell the home more quickly. The lender is responsible for paying the mortgage insurance, however your monthly payment will increase a little to reimburse the lender for it. Mortgage insurance can be cancelled according to the Homeowners Protection Act of 1998:

1. When the ratio of your home’s actual principal balance of the loan to your home’s original value equals 80%. You have the right to cancel it through a written request to the lender.

2. Based on your loan’s amortization schedule (the yearly depreciation/appreciation of the loan amount), if the ratio of the principal balance to your home’s original value equals 78%, private insurers will automatically cancel the insurance.

All the factors for canceling the insurance are assuming good payment history and that your home’s market value has NOT decreased.
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