The new schedule is dramatically different. Instead of cancelling the MIP at 78%, you will pay your MIP for either 11 years or the life of the loan. OUCH!
Additionally, they are increasing the rate of coverage (or amount) you will pay, so this will be a substantial increase if you are looking for a loan with a high "Loan To Value."
Thanks to the MAC Team (Maurice and Cristina) at CFC for this great information. Please see the flyer below for more information.
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