Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [pmi]

Questions about Private Mortgage Insurance

51 questions
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After hitting 80% LTV, my mortgage lender refuses to remove PMI. Any recourse?

I recently refinanced my home. At the time based on the appraisal vs. amortization I found I would be stuck with PMI (private mortgage insurance) for about 9 months. I've paid extra on the mortgage each month and after 7 months I got my LTV…
Paul
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Is there any reason a person would voluntarily choose to have PMI?

Private Mortgage Insurance (PMI) seems to be treated as a necessary evil. Inquiries about pmi on this site and elsewhere almost always revolve around avoiding it - how to avoid being required to purchase it, how to cancel it, or how to stop…
Robert Columbia
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House Purchase: Pay student loans or put 20% down?

My fiance and I currently have the opportunity to buy our first house for 200k due to a large 19k bonus that will be coming to me from my employer. We're considering two uses for the additional money (when added to our existing savings). One is…
SPGuru
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Our home equity has increased. Can we get rid of PMI without an appraisal?

We have Private Mortgage Insurance on our house because we didn't put 20% down when we bought it. We've recently paid some extra money on the mortgage, and we now have > 22% equity. We've contacted the bank to try and remove the PMI, but they want…
davesw
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Lender refuses to terminate PMI despite my LTV being less than 78%

My lender, US Bank, is refusing to terminate my PMI even though I am now below the 78% loan to value ratio. We've been perfect customers and have never missed a payment. Their reasoning is that they don't have to automatically terminate until my…
Todd
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PMI cancellation based on original mortgage amount

We bought a house in 2005, and since we did not put 20% down, we have been paying PMI. Since then, the value of our home (and neighborhood) has declined. Our principal balance is currently 77% of the value of the original loan amount, but the…
BrianH
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Deciding on a correct down payment for a house

I am in the process of making an offer for a house. Wife and I have about 135K saved, with steady jobs, both happen to be an 'essential business' as required for this period during the corona virus. Initially, I wanted to put 20% down (about 74K) to…
d d
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When is it 'ok' to borrow from a 401k to purchase a house?

What market conditions would tip the scales for you to make borrowing from your own 401k a 'good' idea? The self-loan would help to increase the down payment and reduce PMI. Financially there is a lot at play: cost of PMI without the larger down…
Loren
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Is it possible to eliminate PMI (Personal/Private Mortgage Insurance) on a mortgage before reaching 20% down on principal?

I am a relatively new home owner, having purchased my first home in October 2009. Overall, I feel I got an excellent deal on the loan, which was 5% no-cost, no points, and 12% down. I had to take on PMI (mortgage insurance) since I was unable to put…
jrista
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What does PMI mean?

I've seen the term PMI used a couple of times on this site and don't know what it is. What is it?
Gavin Miller
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Loan-with-PMI vs other loan: which is best to pay down

I would like to understand whether it is better to make extra payments on a home loan that includes PMI (Private Mortgage Insurance) or a different (high interest) loan. Typically, when deciding between paying off one loan or paying off another, I…
Eric
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Primary Residence to Investment Property - Changing PMI Terms

When I purchased my property, it was my primary residence. Two years later, I moved out and began renting this property out. I am now trying to refinance the mortgage on this property, but I am not able to do so because the PMI underwriter will not…
three-cups
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Do I need to remortgage to get rid of PMI?

I called my lender last week. I am close to owning 20% of my home and want to get rid of PMI. They said I can only do it by remortgaging my house. Is that true? With the mortgage rates increasing, I will definitely lose some money by remortgaging…
MisterStrickland
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How can I challenge or confirm a shady home appraisal?

I just built a new home and am finishing up the loan process. In the initial paperwork, the purchase price of the home was supposed to be 270k, but due to additions I wanted it ended up being around 280k. The bank sent an appraiser to the home with…
SaulBack
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Lower rate with PMI or higher rate?

I'm currently in the process of looking for home to buy, and one of the options is one costing 460K, which I plan to pay with 15% down and the rest (391K) financed. Since it's less than 20% down, the bank offered me two options - pay mortgage…
StasM
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