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Michele915
LIF Zygote
Member since 5/08 27 total posts
Name:
Michele
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PMI question
Sorry if this has been asked before but does anyone know how much of the monthly mortgage payment is actually PMI? Also can you get rid of it faster than the 5 years. I ask this because we have had our house for a year and I think at the end of this year we will have payed 20% of our mortgage of what we paid for our house. We put down 10% on our house. Someone told me though that you have to wait five years. TIA
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Posted 6/6/10 1:16 PM  |
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kimNanthony
LIF Infant
Member since 3/09 301 total posts
Name:
Kim
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Re: PMI question
We pay about $90.00 or so per month. Also there was an upfront fee which was added right onto our mortgage of approx. $3,500.00.
Once you pay off 20% of the value of your home you no longer have to pay.
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| Posted 6/6/10 1:43 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: PMI question
The cost of the PMI depends on several factors but you can see it on your monthly statement. You do not have to wait a minimum of 5 years to get it removed but it can take that long to pay it down. When your LTV ratio gets to 80% you can call and request it removed (at 78% they are required to automatically do it). If you have only had your house a year and put 10% down, it is extremely unlikely that you have paid down 20% especially as home prices continue to decline. You can check your principal balance and calculate your loan to value ratio (using sale price as your denominator) to find out for sure.
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| Posted 6/6/10 2:31 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: PMI question
I think with a FHA loan you have to pay it for 5 years even when you hit the 20% point
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| Posted 6/6/10 9:19 PM |
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ChrisDee
My Girls
Member since 11/06 9543 total posts
Name:
Christine
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Re: PMI question
we refinanced to get rid of it, the value of our home had gone up alot and we had paid some off.
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| Posted 6/6/10 9:51 PM |
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Re: PMI question
You can also get a new appraisal done sooner and see if it appraises for higher
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| Posted 6/7/10 10:14 AM |
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Re: PMI question
It all depends on the type of loan that you have. If t is an FHA loan then you must wait 5 years. However if it is a Conventional Fannie or Freddie loan then as soon as your LTV(loan to value) is 80% or below then you would just get your home appraised and send it to your lender.
If you would like give me a call and I will have my appraiser do a comparable value on your home for free, and if you like what you see then you can order the appraisal.
My number is 631-445-1781(cell) or 631-787-8534.
Best wishes,
Thomas Lupski
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| Posted 6/7/10 4:38 PM |
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