If you have a bad credit rating, then you might find that your ability to get financing, loans, and even some jobs is greatly diminished.
Once you have a bad credit rating, it might seem like there’s nothing that you can do about it
Continue Reading Add comment September 13th, 2005
If you are a homeowner, you will want to be aware of a new law that establishes rights for homeowners and rules for lenders regarding private mortgage insurance (PMI) cancellation. With this knowledge, you may eliminate premiums you may be paying unnecessarily.
Continue Reading Add comment September 7th, 2005
PMI Mortgage Insurance Co. today announced it will provide disaster relief for borrowers experiencing financial hardship as a result of damage caused by Hurricane Katrina. Additionally, the PMI Foundation will donate $50,000 to the American Red Cross to support relief efforts, as well as support employee donations to organizations serving the relief effort through its matching gifts program.
Continue Reading Add comment September 7th, 2005
Premium prices vary. They are based on the size of the down payment, type of mortgage and amount of insurance coverage. Premiums typically are folded into your monthly mortgage payment.
Continue Reading Add comment September 7th, 2005
PMI payments can be dropped from your mortgage when your LTV falls below 80%. Most lenders will not automatically drop your PMI though.
Continue Reading Add comment September 7th, 2005
The easiest way to avoid PMI is to invest a 20 percent down payment at the time of the loan. Lenders will not require PMI when the loan to value (LTV) is 80% or less. However, coming up with 20 percent down payment is very difficult for many borrowers.
Continue Reading Add comment September 7th, 2005
PMI is Private Mortgage Insurance which insures the lender against loss if the borrowers defaults on the mortgage loan. PMI is usually required when the borrower’s down payment or equity is less than 20% of the loan value. Of course, not all lenders require PMI, although those that follow the Fannie Mae and Freddie Mac guidelines for loan approval do require PMI.
Continue Reading Add comment September 5th, 2005
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