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FTM427
LIF Adult
Member since 1/12 1261 total posts
Name:
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PMI question
When does PMI come off your mortgage? I read that you can request to have it removed once you're at 85%, any been successful with that? Also what is used to determine the %. Is it your loan balance / your appraised value at the time of the loan? I'm going to stop in the bank today and sit down with someone, just curious if anyone has had success or has any tips to get the PMI off sooner.
TIA!!
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Posted 3/27/14 9:14 AM  |
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Prudential Douglas Elliman Real Estate
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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PMI question
i think once you hit 20% equity?
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| Posted 3/27/14 9:22 AM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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PMI question
We refinanced after a year and a half in part just to get rid of the pmi. Since our appraisal showed we were financing less than 80% of the value of the house we were able to get rid of it. I would think you would need a new appraisal showing you owe less than 80% of the appraised value.
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| Posted 3/27/14 9:39 AM |
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FTM427
LIF Adult
Member since 1/12 1261 total posts
Name:
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PMI question
Thanks, what do appraisals cost these days? Several hundred right? I dont remember what we paid as we closed several years ago.
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| Posted 3/27/14 9:56 AM |
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evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
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PMI question
I thought it was 20% of your purchase price
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| Posted 3/27/14 9:58 AM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: PMI question
You can request that it be removed when your loan to value ratio reaches 80%. They use the original appraisal amount when you bought the house. They are not required to remove it until you reach 78%.
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| Posted 3/27/14 10:09 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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PMI question
When we closed on our house it was 20% but you had to pay it at least 5 years, I think they changed the rules last year that it is now for the life of the loan. Here is more information
http://homes.yahoo.com/news/get-a-fha-loan-before-june-3rd-181635371.html
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| Posted 3/27/14 2:47 PM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: PMI question
Posted by Mrs213
When we closed on our house it was 20% but you had to pay it at least 5 years, I think they changed the rules last year that it is now for the life of the loan. Here is more information
http://homes.yahoo.com/news/get-a-fha-loan-before-june-3rd-181635371.html
That's only for FHA loans, not conventional loans.
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| Posted 3/27/14 2:49 PM |
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Re: PMI question
Yes, FHA pmi stays on forever (the life of the loan) unless you can re-fi to conventional. This was a recent change (previously, you could get it removed from an FHA loan after 5 years and if you had 22% equity).
Conventional it's just a matter of equity. I believe it's 20% but you should check with your mortgage lender.
Appraisals cost approximately $500, give or take a bit.
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| Posted 3/27/14 6:04 PM |
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Re: PMI question
Regarding the FHA PMI-If a house was bought in 2012 does the five year still apply to take off the PMI? Did that rule change for all existing fha loans or only at that point going forward?
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| Posted 3/28/14 9:29 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: PMI question
Posted by Hopethisisreal
Regarding the FHA PMI-If a house was bought in 2012 does the five year still apply to take off the PMI? Did that rule change for all existing fha loans or only at that point going forward?
the FHA life of the loan PMI started in 2013.
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| Posted 3/28/14 9:39 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: PMI question
Posted by evrythng4areason
I thought it was 20% of your purchase price
It is this. It has nothing to do with the value of your home, it's what you owe on your mortgage.
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| Posted 3/28/14 10:21 AM |
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Pomegranate5
LIF Adult
Member since 2/11 4798 total posts
Name:
Pomegranate5
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Re: PMI question
Posted by Cheeks24
Posted by evrythng4areason
I thought it was 20% of your purchase price
It is this. It has nothing to do with the value of your home, it's what you owe on your mortgage.
Really? I was pretty sure it was equity.
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| Posted 3/28/14 10:47 AM |
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FTM427
LIF Adult
Member since 1/12 1261 total posts
Name:
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PMI question
Yes its based on equity. Our house appraised higher than what we bought it for, so its based on the appraisal, not your purchase price.
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| Posted 3/28/14 11:10 AM |
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