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PMI....what is it and should I get rid of it?
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btrflygrl
me and baby #3!
Member since 5/05 12013 total posts
Name:
Shana
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PMI....what is it and should I get rid of it?
we are eligible to remove this from our mortgage, but I'm not sure what it is or if we should....
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Posted 3/27/07 12:58 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
NJmom
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Member since 8/05 4987 total posts
Name:
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Re: PMI....what is it and should I get rid of it?
PMI is private mortgage insurance that you have to pay if you have less than 20% equity in the house. You should definitely have it removed right away! You'll be saving a lot of money!
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| Posted 3/27/07 1:01 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: PMI....what is it and should I get rid of it?
if you can get rid of it, do it ASAP!!!
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| Posted 3/27/07 1:03 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: PMI....what is it and should I get rid of it?
Yes, that's the insurance because you did not put 20% down.
If your house if now valued at more and you have equity valued at more than 20% of your mortgage then have them remove it. I did it. They were not happy but I showed them the house appraisal and told them I was going to get my mortgage somewhere else.
They took it off.
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| Posted 3/27/07 1:09 PM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: PMI....what is it and should I get rid of it?
Posted by SweetTooth
if you can get rid of it, do it ASAP!!!
ditto
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| Posted 3/27/07 1:38 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: PMI....what is it and should I get rid of it?
In order to get rid of it you need to have your house appraised and if there is 20% or more equity in teh home then you have to prove it to the mortgage company and they will remove it.
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| Posted 3/27/07 1:54 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: PMI....what is it and should I get rid of it?
Just to answer your other question. This is a policy put in place to protect the bank...not the homeowner so if you are eligible to remove it-do it and put that $$ towards principle every month
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| Posted 3/27/07 2:29 PM |
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