Hello,
I had taken a loan about 2 years ago and have been repaying my installments regularly. As far as I remember I am also paying the premiums for the Private Mortgage Insurance (PMI) but how long would it continue as now my loan balance would have reduced after paying 24 installments. Does anyone have any idea? Thanks
I think its when your house is valued at more than 20% of the loan balance. They took mine off automatically when I got to that stage, though the housing market was booming when they did and the prices were increasing quickly.
I think its when your house is valued at more than 20% of the loan balance. They took mine off automatically when I got to that stage, though the housing market was booming when they did and the prices were increasing quickly.
It is 22% automatically (otherwise the little ****ers used to just keep taking it until you complained) or 20% if you request it (and sometimes have to get your house appraised first, to prove it is at the value you think it is).
I don't need to pay it but I've left it for now as if you do the math, by the time I'd factored in the appraisal fee (mandatory with my lender), I'd save a whopping couple of hundred bucks and then probably have to do the appraisal again anyway for a new re-fi or sell up anyway.
Its when the house APPRAISED value is 20 % over the loan amount .
but ask them depending on the bank MOST dont take it off unless asked .The housing market is down right now so unless you got it under market value you might have a problem you dont pay much of the principle in 2 years .
the f ..kers will screw you if they can
Its when the house APPRAISED value is 20 % over the loan amount .
but ask them depending on the bank MOST dont take it off unless asked .T
the f ..kers will screw you if they can
The law was changed several years ago to FORCE them to stop charging it beyond 22% of LTV.
Seriously - that's what it takes in this country to stop businesses stealing from people - you have to spell it out in black or white or they think they hold a license to help themselves.
Disgusting practice......
Well the PMI payments are supposed to be dropped from your mortgage when your LTV falls below 80% and as a homeowner you should know about the laws in place. I may not very sure of the laws currently in force but I would suggest you to visit the site spamalot.com which maintains a lot of information regarding PMI and I am sure you would be able to find the answers to all your queries regarding PMI there! Good luck!
Edward, I'm giving you the benefit of the doubt that you just didn't understand that it is not OK to promote your website without permisssion/payment. One more post with that link, though, and you're toast. Welcome to Britnet, have a nice day :) monster