Down payment (calculated for you) Loan Amount $0 FHA: Up-front MIP(1.75% of loan amount) $0 Finance up-front Mortgage Insurance Premium? ⓘ Total Loan Amount $0 Product Choice Credit Rating MIP Cost Factor $0 Mortgage Payment(P&I) $0 Monthly MI cost $0 Monthly payment $0 Ca...
This interest rate advantage makes FHA loans competitive, even if you have to pay both upfront and monthly mortgage insurance (often for the life of the loan!). The low rate also makes it easier to qualify for an FHA loan, as any reduction in monthly payment could be just enough to get...
A mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making twelve monthly payments during the year, you make thirteen. The extra payment reduces the principal, substantially reducing the time it takes to pay off a thirty year mo...
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