| Name:
Gertrude
Title of Question:
Getting out of PMI |
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Question: Is there a way to get out of PMI. I have a good credit history and have had no problems paying of my mortgage bills to date. |
Post Your Answer To The Question Above:
Name:
Heinrich Von Klapp
| Date: October 4, 2004, 2:25 pm
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| Answer:
You can request cancellation of PMI if you (the borrower) has a good payment history, if you provide evidence the property value has not decreased. Lenders are required to terminate borrower paid pmi at 78% LTV based on the amortization schedule if the loan is current. If none of the above is done, PMI will terminate automatically at the midpoint of the loan term. |
| Name:
linda ennis
| Date: January 17, 2005, 12:06 am
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| Answer:
i bought a house on friday the state was taking my house and i really got scared and bought this house, at settlement the buyers gave me the information about about the title search and the land there is a slight piece of the land on the neighbors side. it was mention but i sign anyway i hate the house and the windows dont open in the porch i did have a home inspection but was not visable than. is there any way i could get out of this house and get my money back. thanks linda |
| Name:
Fred
| Date: January 17, 2005, 11:45 pm
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Answer:
You obviously have good credit or you wouldn't be paying PMI to begin with. Depending on when you bought your home and what the appreciation rates are in your area, you can call for another appraisal to be completed (at your cost) and if you owe less than or equal to 78% of your new appraisal value, simply forward the new appraisal to the lender along with a letter asking them to remove the PMI. PMI is typically used when a person with good credit puts less than 20% down on the purchase price of a home. You should have also received a PMI Disclosure that clearly spells out the conditions and term of your PMI and how to stop it as well..if you didn't, ask your lender or Mortgage Broker to send you the disclosure specific to your loan program. Good Luck!
www.fredtomaro.com |
| Name:
Joy Ready
| Date: January 29, 2005, 8:59 pm
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| Name:
Fred
| Date: January 31, 2005, 12:26 pm
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Answer:
PMI stands for "Private Mortgage Insurance".
Private mortgage insurance is a type of insurance that helps protect the mortgage company against losses due to foreclosure. This protection is provided by private mortgage insurance companies and allows mortgage companies to accept lower down payments than would normally be allowed.
Private mortgage insurance also enables mortgage companies to grant loans that would otherwise be considered too risky to be purchased by third party investors like the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC). The ability to sell loans to these investors is critical to maintaining mortgage market liquidity, which in turn, allows mortgage companies to continue originating new loans.
www.fredtomaro.com
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| Name:
Rupen Shah
| Date: April 6, 2005, 3:37 pm
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| Answer:
Yes there are several ways to get out paying PMI. Contact me at 973-253-2936 so I can help you. |
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