Questions tagged [pmi]

Questions about Private Mortgage Insurance

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36
votes
4answers
25k views

After hitting 80% LTV, my mortgage lender refuses to remove PMI. Any recourse?

I recently refinanced my home. At the time based on the appraisal vs. amortization I found I would be stuck with PMI (private mortgage insurance) for about 9 months. I've paid extra on the mortgage ...
8
votes
1answer
3k 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 ...
6
votes
2answers
1k 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 ...
4
votes
1answer
240 views

Do I need to remortgage to get rid of PMI?

I called my lender last week. I am close to owning 20% of my home and want to get rid of PMI. They said I can only do it by remortgaging my house. Is that true? With the mortgage rates increasing, I ...
1
vote
1answer
773 views

PMI removal with LTOV <78% and decreased home value

I made a big payment to my loan to build equity and remove my PMI. Reading guidelines on consumerfinance.gov and it states - "If the value of your home has decreased below the original value, you ...
4
votes
2answers
2k 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 ...
5
votes
2answers
3k 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?
4
votes
3answers
3k 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 ...