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Video instructions and help with filling out and completing va loan mortgage insurance calculator

Instructions and Help about va loan mortgage insurance calculator

Music R'lyeh this is Eric with lo VA rates wearing my red shirt as always as we always doing fighting what you guys can see the crew that's here with me they're all in red that's what we do here as a reminder we wear red on Fridays and red stands for remembering everyone deployed and even if you're not deployed you have family members that are in the military this is kind of an outward expression of supporting the troops wherever they are so that's said today we're going to talk about whether or not VA loans have p.m. I okay PMI stands for private mortgage insurance okay I'm just gonna put mortgage insurance here for those that are turn to the end the real question here is do VA loans have mortgage insurance okay the answer is no I can turn off the camera right now you guys would have learned something today but I want to educate everyone that's watching and hopefully we'll get some questions so be thinking we're really hoping that these a live video start garnering more questions even if you just leave them if you can't stand listen to me talk for the next three or four minutes you can type them in and leave them and we can answer them later but that said VA loans do not have mortgage insurance what VA loans do have however is something called a VA you see that up top hope they don't see it call it bring it VA funding fee okay I do not have the best writing in the world but conventional loans okay that's what most civilians get if you didn't serve in the military you cannot get a VA loan with you have a conventional loan you either have to put 20% down when you're buying your home so if you're gonna buy a $200,000 home you have to have $40,000 liquid in the bank to be able to ring to the closing table okay or I guess you can sell another property and take that money and put down the jacked up twenty percent down to buy a home with a conventional mortgage if you don't put a full 20 percent down then you are going to pay private mortgage insurance you'll go get insurance from a private company somebody other than you mortgage lender and on top of your interest in your principal and your taxes and your insurance they're also gonna be paying somebody else a private company for mortgage insurance that's why so many people try to put the full twenty percent down no veterans as we've talked about many times you get 100% financing okay that means you get to borrow the full $200,000 you don't have to have any money in the bank we hope you do we all like that money in the bank but you don't have to put it into your home you don't have to make a down payment.

FAQ

Do you have to pay private mortgage insurance (PMI) with a VA home loan?
There’s no PMI (private mortgage insurance) with a VA home loan, so there’s no on-going monthly expense to worry about.VA does charge a “Funding Fee” on all the loans they make. This fee goes directly to the VA, and is a one-time charge at closing. It’s placed in reserves to allow the VA to cover the costs of loan defaults. The fee can be paid in cash at time of closing, or “rolled into” the loan balance due. If you’re a disabled vet, the VA will accept an application to waive this fee, and they’ll make the final call on that.The fee is a percentage of the loan amount. For example, let’s suppose you’re getting a loan/purchase for $200,000. The funding fee is a percentage of that, and, according to the online fee calculator I found, appears to be $4300. As I said, this can be paid at closing as a one-time charge, or simply added to the loan balance—which is what most people do.Just do an internet search for “VA funding fee calculator” to get examples for your situation.
If I take out a home equity loan to purchase a second property, would I have to add Mortgage insurance to either mortgage?
That is not an automatic requirement. Mortgage insurance will/may be required on the first position loan that has a beginning balance above 80% of the purchase price. If your second property will be paid completely with the proceeds from the equity line, then it will be like a cash sale. There will be no mortgage on the second property and therefore no mortgage insurance. Even if your second property will have a separate, first mortgage the equity loan will have proccurred cash to apply to the purchase. The first mortgage of 80% or less will not require mortgage insurance.The first property by which you secured the equity line will also not ordinarily require MI as a result of the equity line because the lender will not allow the loan to exceed 80% of the value of the property in most cases. In the event that they allow a 90% loan, they will do the additional because you have good credit.If, by mortgage insurance, you mean that type of life insurance that pays your balance upon your death, the answer is no. No lender can require that. You can obtain a policy like that if you choose and if you qualify.
When calculating the loan-to-value ratio for CMHC high-ratio mortgage insurance premiums, do you include the CMHC premium itself in the ratio?
Helo Sir,Here, Mortgage default insurance, popularly known as CMHC insurance in Canada is mandatory on high ratio mortgages, according to CMHC insurance rules it is required when you are paying 20% or less of the price of a home as down payment to buy it. To know more visit us What Is CMHC Rates or can call on +1(416 875 0024)Thank you
How do I calculate mortgage insurance?
Try this site where you can compare quotes://INSURANCECOMPAREQUOTES.US/index.html?src=compare//RELATEDI was in a car accident. My car was deem a total lost. The insurance towed my car away. I waited 1 year?trying to get my claim paid. Today I received a letter from some car auction center, stating that I had to go get my car or they will charge me storage per day. now my car was a honda 05 I originally finaced the car and still owe money on the car. like 13000. The insurance company is not paying my claim. The finance company gave me a charge off on my credit. Now If I go pick up this car. is the car now mines? I do not have the title. How do I get the title.”Insurance question please?hi i am a learner and but my partner has a car that is insured on his friends name. my question is my partner states he cannot teach me how to drive or put my name under the insurance because it would cost more and he might get into trouble with the police . i just want to know if this is true and if so like how much would it cost.How much would the insurance cost with a 17 year old male driving a 1987 ford bronco 4X4 v8?just wondering because i might buy one as a driving project truckWhat kinds of insurance we should get in California?What kind of insurance we should shop if owner live in the property them self? What kind of insurance we should shop if it’s rented out? What kind of insurance we should buy if we need fix the problems like dishwasher? Is it necessary to buy such kind of insurance?Question about auto insurance?Okay, I’m really stupid when it comes to this stuff, so don’t laugh at this. I have a vehicle insured under my name. If my friend is driving it, would she be covered whether I’m present or not? Does it matter at all if she has her own auto insurance?”Health Insurance for Low Income?We are looking for an affordable health insurance plan. I’m 39 and my husband is 45 living in San Francisco. Healthy and never had injuries or big illness. We used to have a kaiser plan around $600/m and $25 for every visit. Any better deals?How does insurance Work in a dealer finance car if it where to get in a accident?How does insurance work if a car is totalled in accident, but the car is still finance through a dealership? Would the Insurance payoff the balance owing in the car or just payoff what the car worth? What would happen to the remainder of the finance owing if the car is totalled in accident, but the fault is not in you? Thank you.”How much is car insurance for a 19 year old male in Louisiana?How much is car insurance for a 19 year old male in Louisiana?First time Car Owner Getting Insurance?I’m a college student, not living with my parents, which means I will need to start my own parents. and I’m looking to buy my first car, which might be an out-of-state title. Say I eventually, locked on a deal. The question is: Do I have to buy insurance before paying for the car. But then how does the insurance company assess the quote since I haven’t had a car yet. Do I just tell them the make and year of the car I’m Going to buy for sure or how does it work? What if I bought the insurance, but the deal didn’t work out, and I have to choose other car/ make/ year? Or, can I get it insured soon After I make the purchase? If so, what happens between I picked up it from the seller and driving it to get it insured. Do I get screw if I had an accident during this time. I probably sound pretty stupid by now.. but dude help me out here.”Can i get car insurance if i dont have my licence?So basically I didn’t have a car to take my dl test in ( my mom has a stick, and I cant drive it, i tried and failed), so i saved up and just bought a little 2021 saab turbo. Only now i have called Allstate, Geico, and AAA and they all say that 1) I cannot insure my car because I do not have a licence 2) My mom cannot add my car to her insuranve because her name is not on the pink slip, mine is SO is there any car insurance company that will cover my car for like 3 months till I take my test? Like, of course Id have a licenced driver with me in the car so I can legally drive it (im 18).”
How hard is it to get a mortgage loan if I buy it with the intention to rent it out?
It’s not hard at all. The lender will evaluate your credit history (minimum score 620) and your debt-to-income ratio (DTI). They’ll do this by adding up your total house payment (including taxes and insurance if you own your home, rent if you don’t) and any debt payments you have with 10 months or more remaining. Then they’ll look at the market rent for the property you’re buying (I’m going to assume it 1–4 units). That number will come from the appraisal. They’ll multiply the market rents by 75%, then subtract the total payment including taxes and insurance. If the number is positive, it’ll be treated as income. If it’s negative, it’ll be counted along with your other debt payments.This total expressed as a percentage of your gross monthly income is your DTI. At this moment, 45% is the maximum for a loan that will sell ultimately to Fannie Mae. On July 29 of this year, that maximum will go to 50%.The lender will also require some amount of liquid reserves after closing. The amount will depend on the total number of properties you own, but it will be between 2%-6% of the outstanding balances of the other properties apart from your personal residence.You can buy a rental home with as little as 20% down, but increasing the down payment to 25% will get a rate that is significantly better than for the smaller down payment.Other than these things, there’s no big difference between buying an investment property (1–4 units) and buying your personal residence.I hope this is helpful.
Is it smart to take out a loan on your 401k to get the funds needed to put 20% down on a house so you don't pay mortgage insurance?
Possibly. But mortgage insurance is not the horrible waste of money many people seem to believe.Lenders view loans for more than 80% of the home’s value as carrying higher risk, so they require a way to limit their exposure should the borrower stop making payments and they have to foreclose. That’s where mortgage insurance comes in.The cost of monthly insurance on a conventional varies according to the loan to value ratio and the borrower’s credit score. The monthly cost for a 90% loan is .30% for a borrower with a 760 score or higher. If the same buyer puts down 3%, the monthly cost goes to .69%. Lenders will allow the borrower to drop the insurance once the equity reaches 20% of the home’s value. The insurance is normally dropped automatically when the loan balance reaches 78% of the original purchase price. For a 90% loan, this would occur in about 10 years, 8 months.There is another option for mortgage insurance that fewer people are familiar with. The buyer can pay a single premium, typically financed into the loan, and avoid monthly insurance completely. For a buyer with a 760 credit score, the cost is .87%—about $3,100 for a $400,000 purchase with 10% down.Borrowing against your retirement fund can be a good strategy. The interest rate should be very low, and the monthly payment is not counted as part of your debt to income ratio, since you’re just borrowing money from yourself. But don’t make the mistake of thinking that mortgage insurance is some sort of punishment. It is merely an economical alternative to a large down payment.I hope this is helpful. Good luck?
How did you find out your mortgage loan was sold?
It is real simple. Typically at the time you close on a mortgage loan you will sign a document called Transfer of Servicing. It will indicate the percentage of the loans the lender has sold over the last 3 years‡ it will typically be 100%. Mostly all loans have their servicing sold immediately as lenders are not set up to collect mortgage payments so you will get a letter before your 1st mortgage payment saying your loan has been sold and you will get a welcome letter from your new servicer stating where to send your payment.