Bank of America recently announced it is offering no-fee mortgages and will not charge for private mortgage insurance (pmi), which is good news for a number of reasons.. Bank of America is one of the most well-known banks in the country, offering a wide range of rewarding checking, savings, and investing options for banking customers.

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With a conventional mortgage – a home loan that isn’t federally guaranteed or insured – a lender will require you to pay for private mortgage insurance, or PMI, if you put. of the FHA loan if you.

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Mortgage. PMI automatically when you’ve reduced your balance to 78% of your home’s purchase price, even if its market value has declined since then. (This rule doesn’t apply if your loan was.

FREE HOUSES - 3 No Down Payment Home Loans Hi BP community, Looking to purchase my first property and slightly short on making 20% downpayment. Working with Quicken Loans and they are offering a loan with a slightly higher interest rate (about 0.5%) but only 5% downpayment and no PMI.It seems like I understand how it works, it appears to me that they are just lumping the cost of PMI into my mortgage by raising an interest rate, but it.

ShutterstockYou don’t need to have 20 percent equity to dump private mortgage insurance, a cost that’s no longer tax. at 120 months (that’s 10 years). However, PMI for fha loans originated after.

 · Bank of America recently announced it is offering no-fee mortgages and will not charge for private mortgage insurance (pmi), which is good news for a number of reasons.. Bank of America is one of the most well-known banks in the country, offering a wide range of rewarding checking, savings, and investing options for banking customers.

Then sit down and do the numbers step by step. Here are two examples that illustrate how the competing plans work: * " NO-PMI" PIGGYBACK: Often called the ”80/10/10,” the piggyback provides you with.

In this blog post, we’ll explain the problem with private mortgage insurance and how you can put 10% down while still avoiding PMI. The Problem with pmi. private mortgage insurance is a policy the lender takes out to protect the money they lend you when you take out a mortgage.

With these, you put 10% down, and then get two mortgages. Here are a couple examples: For veterans — You may qualify for a mortgage with no down payment or PMI through the U.S. Department of.