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
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