Tag Archives: Private Mortgage Insurance

Private Mortgage Insurance (PMI)–What If Your Home Value Has Increased?

Most home buyers today are able to secure a mortgage loan with is little as 3-5 percent of the home value as a down payment. This has been a nice way for the average family to get into a home without waiting for years to save up the 20 percent down payments our parents had to scrimp and save years for in order to buy their first homes. One of the reasons lenders have been able to allow home buyers to secure loans with less then 20 percent down has been to add Private Mortgage Insurance (PMI). Loans secured after … Continue reading →

Property Mortgage Insurance (PMI) For Loans Opened Before July 1999.

My first suggestion to homeowners who currently have a loan opened before July 1999 is to consider refinancing. The chances are great that you may be able to obtain a new loan at a much lower interest rate even now as these rates are starting to climb. If for some reason it is not possible for you to refinance then you might want to review your loan documents and check your statements to see if you are paying Private Mortgage Insurance (PMI). Home buyer’s who put less than 20 percent down on a home mortgage, are usually required by the … Continue reading →