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Is the PMI fixed, the same amount for the period of the loan? Or it changes as balance gets lower?
It changes as the balance gets lower, it is something like 1 percent of the total amount owed.
I know PMI is 1.3%/year from loan amount but does it get lower as the balance gets lower? When is this calculated, every year?
Yeah every 12 months it lowers a few bucks.
I had my FHA loan since 2008 until I refinanced in 2012 and never noticed the MIP amount go down. I've always paid additional principle also.