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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