if its all in the loan docs, what normal?

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PostPosted: Tue Feb 10, 2009 6:47 am   Post subject:   

if you can google for your mortgage then surely you will find some good mortgage calculators (which gives results in excel sheets) so you won't find difficulty in finding a good deal for your query. LaughingLaughing



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PostPosted: Mon Feb 23, 2009 4:24 pm   Post subject: pmi  

how much does the appraisal have to be (typically) to drop the pmi? if i bought my house for 55k (short-sale) and have rennovated the bathrooms (which were almost unusable) and the kitchen (origonal from late 50's) and new paint and carpet, the value of the house should be a lot higher. what would the house have to appraise for (approximately) to drop the pmi? if its all in the loan docs, what normal?



thanks,



Matt


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PostPosted: Mon Feb 23, 2009 7:36 pm   Post subject:   

Quote:
how much does the appraisal have to be (typically) to drop the pmi?
This info was posted in the beginning of the thread. It's not what the house was bought for... it's the percentage of the amount owed on the loan to value (LTV). You can call your mortgage company and ask them what you home needs to be valued at to have PMI removed.
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PostPosted: Wed Jan 27, 2010 12:51 am   Post subject:   

I have paid my mortgage down to 78% with extra payments and it has not been automatically removed. The bank has charged me for PMI going on two months now since it was paid down.



In addition, their site says for removing PMI automatically it will be done when it is "scheduled to go to 78% according to their amortization schedule" not when it actually reaches 78%. As their own site shows my LTV less than 78% right now.


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PostPosted: Wed Jan 27, 2010 2:08 am   Post subject:   

Thought this may be helpful. Looks like this is a lot different than everything else I have read online.



The "cancellation date" under the automatic termination provision is defined as the date when the loan is "first scheduled to reach 78 percent of the original value of the property securing the loan." The optional "cancellation date" occurs when the amortization schedule requires the loan balance to be "80 percent of the original value of the property securing the loan" -- or sooner, if a borrower has made extra payments to reach the 80 percent level.


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PostPosted: Wed Jan 27, 2010 11:13 am   Post subject:   

I've personally had PMI removed from three different homes/mortgages, in my life the very second the balance reached 80%..Not one time did they do it automatically, and without me calling to raise a little well..you get the point...and it was removed immediately after my call...so many people waste so much money, not staying on top of this.



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PostPosted: Thu Jan 28, 2010 5:17 pm   Post subject:   

Yes,



And I would have done the same thing had I known that it would not be automatically canceled at 78% (every place on the internet has it automatically canceled at 78% - not really true).



On top of this, I'm having trouble even finding the Dept that handles the law.



It's hard to believe the confusion over a 10 year old law.


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PostPosted: Mon Oct 24, 2011 3:40 pm   Post subject: PMI Tenant  

Hello, we have been paying into PMI since 6 years (below 78%). Each time we are getting different information from our mortgage holder. They wanted us to get an appraiser through them that we have to pay for.

The newest information from them, WE CAN NOT GET RID OF PMI BECAUSE WE ARE NOT PHYSICALLY LIVING AT THAT PROPERTY. We are a military family and got stationed in a different state.



Are they allowed to do that? I am so furious. Thanks in advance


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PostPosted: Tue Oct 25, 2011 7:30 am   Post subject:   

As far as I know they can't do that if you are making your payments on time.



Consult a finance adviser to know if your lien holder is allowed to do that. If your lienholder is not allowed to do this then write firm but polite letters to them providing documents supporting your cause.



If this doesn't work then you may need to take this issue to the small claims court and you won't need a lawyer. Just consult a financial advisor and get the doubts cleared before taking any action.

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PostPosted: Tue Dec 20, 2011 3:52 pm   Post subject:   

Banks usually asks for the PMI and even they make it mandate some time for the borrower, these ideas are very alluring and nice to consider before applying for the loan.



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PostPosted: Mon Dec 26, 2011 5:56 pm   Post subject:   

Really good information shared by you.

It will really help all those members out here who are finding difficulties in getting mortgage loan at low interest rate..!!



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PostPosted: Tue Feb 07, 2012 7:58 am   Post subject: Avoid PMI  

With buying a home, if the appraisal shows the home valued 20% higher than the loan amount, do you still have to carry a PMI & how is it calculated


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PostPosted: Tue Feb 07, 2012 10:38 am   Post subject:   

Carrying PMI on your loan depends on how much down payment you made on the property. Use a calculator to find out more. You can find dozens online.

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