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Originally Posted On: https://thelindleyteam.com/how-to-ditch-fha-mortgage-insurance-premiums/ When you get a mortgage, you’re signing a million sheets of paper and agreeing to pay a lot…

Source: How to Ditch FHA Mortgage Insurance Premiums

When you get a mortgage, you’re signing a million sheets of paper and agreeing to pay a lot of things that you may not understand at the time. Closing costs, down payments, inspections, real estate agent fees, home insurance, escrow, and so on and so forth. One of the numbers that may have gotten rolled into that list is mortgage insurance premiums.

If you got an FHA loan, you’re almost certainly paying FHA mortgage insurance premiums. Read on to learn more about what these are, how much you might be paying each month, and how you can get out from under them.

What Are FHA Mortgage Insurance Premiums?

Before the Federal Housing Administration was founded…

Collection accounts are unpaid debts that are typically sold from the original creditor to a 3rd party collection company at a fraction of the original debt.  It is the collection company that then not only tries to collect on the debt but also reports the collection to your credit report.

Most collection companies report the debt every month to the credit bureaus.  This process is called “re-aging” of the collection account.  What this means to your credit score, is that it is impacted as if it were a new collection account every month.  There are some cases where the collection company doesn’t re-age monthly and the collection account can become “dormant” not impacting your credit scores as much.

It is the dormant collections that can significantly lower your credit scores once paid.  This is due to the fact that the collection company will update the account to the credit bureaus to…