New Bill introduced to allow borrowers to stop paying FHA Mortgage Insurance

[@NYCAppl3]

New homeowner here (for one year). I applied for an FHA streamline refi a few months ago, and due to some poor advice from a lender, I've been screwed over. I worked really, really hard to purchase my first home. This financial hit is scary 😢 P.S. I'm going to share this video with my nephew. He told me a few weeks ago that he wants to get into real estate. I told him that he should find a mentor or an established group to learn from. Thanks for creating opportunities for young entrepreneurs ❤

[@OvertimeSessionHD]

Did you only try to refi at one place? If you haven’t already you should try to refi to more than one establishment.

[@NYCAppl3]

@OvertimeSessionHD Hi, and thanks for that suggestion! That same lender (#1) suggested that I try to refi with the current account holder of my mortgage. After a few weeks, I was finally able to connect with one of their agents. Everything was going great until the rep stopped communicating with me. The first lender checked in and told me that I should've closed within 10 days since they already have a lot of my paperwork. Lender #2 ghosted me. It was stated that he probably couldn't come through on the rate that he quoted me. My mortgage payment is going to go up in January 2025. As far as I know, I've done everything right based on what two different lenders have told me since July of this year. I'm concerned now that I won't be able to afford the coming increase, which defeats the purpose of wanting to refi in the first place. All of this is confusing, terrifying, and quite frankly, feels totally unfair because I'm following the advice of professionals in this field and got screwed over twice.

[@vernonstones]

Yes absolutely. You will hey railroaded like I did as well. Study hard study long. Chanels like his helps tremendously, I only wish I found the info sooner.😢

[@Jgrace767]

​@@vernonstonesKeep going forward! There's no sooner than now, never later! We don't know what we don't know, blessings upon you! Lessons! Keep learning. Overcome. There's nothing that can stop you, but many will attempt to disrupt the growth generated. Keep us updated on your success! ✊🏾🖤💪🏾

[@anitamczorn8297]

Hello I bought my house about 8 months ago. What was the a bad advice lender gave you? I'm having a hard time trying to do an f. Ha streamline refinance as well,due to credit score being under 580. When originally, I was told that streamline refinance Your credit score does not matter but now all of a sudden it does.😢

[@alisonparker7305]

Have bought 5 properties, sold 1 this year. Real estate investor from Brooklyn, NY!

[@Lovingmylife24]

This video and that bill is right on time. I literally was reviewing my escrow statements this morning and my FHA insurance has gone down around 12.00 a year since 2022. I will definitely keep watching. Hopefully, it goes away completely. Thanks for sharing.

[@christinajones7319]

Home owner since 2018. I am trying to buy another property through the bank MG! I live in Ohio and the houses are cheap. I would like to get four units and live in one for a year and then rent out that unit as well. Pray for me!

[@Mgthemortgageguy]

Let's close!

[@kellibelle7171]

@chistinajones7319 can most definitely help with that!

[@dependabledave7393]

What part of ohio

[@kellibelle7171]

@ I service Cleveland and columbus Ohio and surrounding areas too.

[@bmurphy4444]

The whole home buyers formula needs to be revised , shouldn’t take 30 years to pay for a home. The 1st 10 to 15 years is mostly interest payments.

[@chillpanda1819]

You have 15 year payment options

[@LandaverdeJR]

You are not forced to pay it back in 30 years. You can pay it off earlier if possible.

[@deniseporch6645]

💯

[@natanyagaston5731]

PMI= legal hustle (it should be a crime)

[@kellibelle7171]

Realtor, investor, property manager, basically I have my hand in everything dealing with real estate 20 years strong! Servicing Ohio!

[@BlackHeather777]

This would be a blessing for my house… you should get the money you paid since you built the 40% equity back too‼️

[@alienwareproduction150]

I had called my mortgage company earlier before I saw this video because I saw a video on IG saying you can remove the PMI. Why do they get so defensive once I mentioned PMI cancellation lol. It makes no sense. However, the video on IG was misleading because I can’t remove the PMI like you mentioned in this video. Thanks

[@barracade24]

I seen that same video and he was very misleading. The only reason that guy was able to remove pmi is because he put down the required amount to not pay pmi. He was confused thinking pmi was a benefit to him, but when he found out different, he called and canceled.

[@atlygroup]

I hope they retro it. I was baited into doing an FHA loan when I didn't have to by a so called home buyers education center. Could have gotten through a traditional credit union and not even had to put down as much as I did. Wonder if I can sue??? Lol

[@CapriThermilus]

Probably not, but you can refi into a conventional loan

[@GraceKomora-ql1qh]

❤love your info just got my first home yeah in Cleveland,Ohio

[@emani568]

The land 🎉🥳

[@Mgthemortgageguy]

Thank you and congratulations 🙏🏽

[@mumjarra]

My guy..... That's wonderful news indeed. Happy Holidays to you Mr . MG

[@Mgthemortgageguy]

Same to you 🙏🏽

[@ablkberri9581]

When you look at the loan you are paying more than the loan you agreed to that should be a crime Or more revamped loan options that make sense for ppl idk

[@1PrinceJay]

1st time home buyer

[@inx805]

A Bill ** To amend the National Housing Act to restrict the collection of annual mortgage insurance premiums when a 78 per- cent loan-to value ratio is reached, and for other pur- poses. Looks like it will be retroactive, fingers crossed.

[@nyqt9613]

I was at 4.25% interest rate paying PMI then I refinanced at 2.875% made a big difference on the amount gets applied to the principle.

[@curtiswaynewashington8264]

First time and is this for CA?

[@GraceKomora-ql1qh]

Can u please advise a first time buyer what to do after you get your first home ?😊

[@Mgthemortgageguy]

Buy more property if you can

[@1_Heart_at_a_Time4U]

What if you've already done a FHA , can dp assistance help?

[@malcomemanuel8369]

Hey man I appreciate you

[@Mgthemortgageguy]

Likewise 🙏🏽

[@victortupiza8046]

Thanks bro

[@benettajones5763]

I'm a 4th time home buyer

[@yvonnewilson2004]

Do you give down payment assistance in other states.

[@shoalins55]

California has a program called Ladder. It not only gives you a grant up to $50k, but you don't have to pay PMI. Pretty Sweet!

[@WorkHarder14]

Pretty cool but 50k doesn't go very far in CA

[@ulysessjr.9746]

Would this be for every fha mortgage or just the new home owners?

[@amacrealtyinvestments]

Realtor, Atlanta

[@melalvarez545]

Yep!!! … PMI goes away if Equity increases substantially . Must be requested. The real issue affecting us now is how FHA Forced Escrows accounts, and the mismanagement by escrow agencies. Escrows are not functioning like it supposed to ; this are been exploited by Home Insurance companies and pushing the homeowner into further debt .

[@VEDENSBOUTIQUE]

An FHA loan refi is not more affordable. You pay $400 more at closing than with a commercial loan. MAKE sure your debt ti income ratio is around 30% or less. Good luck with that these days.

[@Cingrpl87]

Realtor in DFW Texas

[@jahshawncarr1861]

Lets keep in touch! Looking to buy in cedar hill/ desoto in a few mo

[@geraldlofton]

Look 👀 they are thinking about themselves (those who invest in Mortgages)they want PMI to last forever

[@DeanLive23]

Property values have rissen considerably. I have requested a removal of the mip, the lender is requiring bpo, which is fine, although they want to use their people, which makes feel that their bpo won't be honest. This Property was purchased six years ago, any advice?

[@Mgthemortgageguy]

Only way to remove pmi is to go thru the process you're currently going thru with your lender. Unfortunately there's no way around it

[@PREnvie]

Same...waiting for their response

[@lovelight422]

First time homebuyer

[@Chantililace]

Any advice on young adults seeking real estate professional mentorship in the Midwest?

[@agcamacho3480]

I’m trying to understand what about homeowners who purchased their home prior to 2013, such as 2011??

[@Mgthemortgageguy]

Pmi goes away once they reach 22% equity

[@ShayWilliam341]

That would be great I’m trying to buy a home late 2026

[@brandyheartqueen9326]

Are you license in Florida as a realtor

[@brianaweathers5016]

Realtor Cincinnati Ohio!

[@paulabradley5439]

Paula ...Coldwell Banker Florida

[@MrSyncere82]

Metro Detroit Realtor

[@whitney8727]

Third time property owner

[@nicoleh.6352]

REALTOR ®️....DE,MD,PA

[@kimw309]

I hope it does and it’s across the board for all FHA Loans. Started under Obama Administration

[@nuformvisuals]

So would this create another refi boom for those who already have FHA? Like you said, they may want to refinance out of the current FHA loan so possibly borrowers would see the value in refinancing into conventional depending on credit of course?.. just a thought 🤔 in my opinion? -WilktheMLO

[@BlackHeather777]

They basically have everyone locked into paying extra money because if you refinance you have to start over with interest and the interest rates are higher now so you still going to loose.

[@mildredwoods3143]

Mip

[@eveenterprises7913]

Realtor Tx & AL

[@camerythomas4154]

Trying to buy second home,but lost

[@thefoxxiefoxx8056]

For some Floridians, you need insurance….

[@knowthyself690]

The current regulation is criminal.

[@benettajones5763]

MIP

[@lLeniCrysta]

Appreciate the detailed breakdown! A bit off-topic, but I wanted to ask: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?

[@tyh-yh7bd]

Can I get men toring

[@Mgthemortgageguy]

mgrealestateacademy.mykajabi.com/offers/YHaVoKcL

[@yolondawalters4074]

MIP

[@ennellesperance1186]

M.I.P.

[@treshunrichmond225]

Trayshun D Richmond Real Estate professional in Southern California

[@inmate0054]

Such a scam

[@grovve8960]

Just go active duty in the military and use the VA loan, stop taking the easy route all this people want to own real state but don’t want to put the work in smh 🤦‍♂️

[@godzgift7680]

Not everyone can get into the military some people are aged out.. and furthermore there is no easy way, other than inheritance, to get into real estate.

[@nardinehenri1573]

What is your email address for the downpayment assistance program?

[@Mgthemortgageguy]

[e-mail]

[@redhotredhot9193]

We back kzbin.info9REOoIpu3uA?si=mWfcXnl8qw1w5tDy

[@1_Heart_at_a_Time4U]

MIP

[@Carlitamonroex]

MIP

[@jamesmurua7111]

MIP

[@damarcusgates6818]

MIP

[@barbararogers3828]

MIP