Tagged Questions
2
votes
1answer
89 views
PMI cancellation based on original mortgage amount
We bought a house in 2005, and since we did not put 20% down, we have been paying PMI. Since then, the value of our home (and neighborhood) has declined. Our principal balance is currently 77% of ...
4
votes
3answers
178 views
Is PMI rate set until 20% paid off
From various things I have read, it seems like PMI stays at the same rate, regardless of how much you owe. Is that right? That is, say I put down 10% and I get PMI. Will my PMI payments stay the ...
3
votes
2answers
515 views
First Time Home Buyers - Down Payment, PMI and Points
My wife and I are looking to buy our first home in the next couple months and wanted to get an idea of what we are looking at. Right now we have about 80k saved up and want to put 10% down on a home ...
4
votes
3answers
2k views
Why would refinancing my mortgage increase my PMI, even though rates are lower?
I'm currently stuck in a 5.5% loan on balance 167.5k. PMI is roughly $75/mo. I am trying to refinance, but my lender tells me that even going down to ~4% rates, it wouldn't be worth it because my PMI ...
5
votes
4answers
357 views
Lower rate with PMI or higher rate?
I'm currently in the process of looking for home to buy, and one of the options is one costing 460K, which I plan to pay with 15% down and the rest (391K) financed. Since it's less than 20% down, the ...
4
votes
2answers
455 views
I have a mortgage with PMI, what happens to PMI when I get to the 'safe' LTV ratio?
I have a mortgage with PMI, what happens to PMI when I get to the 'safe' LTV ratio?
Does my payment stay the same and more money goes to paying off interest or principal? Does my payment drop?
5
votes
2answers
207 views
Primary Residence to Investment Property - Changing PMI Terms
When I purchased my property, it was my primary residence. Two years later, I moved out and began renting this property out. I am now trying to refinance the mortgage on this property, but I am not ...
2
votes
2answers
502 views
Is it possible to eliminate PMI (Personal/Private Mortgage Insurance) on a mortgage before reaching 20% down on principal?
I am a relatively new home owner, having purchased my first home in October 2009. Overall, I feel I got an excellent deal on the loan, which was 5% no-cost, no points, and 12% down. I had to take on ...
3
votes
2answers
662 views
What does PMI mean?
I've seen the term PMI used a couple of times on this site and don't know what it is. What is it?
