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Mortgage & Refinancing Information |
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Private Mortgage Insurance Basics
Will you be asked to pay Private Mortgage Insurance, or PMI?Most lenders will require you to carry PMI if you cannot put 20% or more of your loan amount forward as a down payment. PMI protects the LENDER in case you default on your payments. PMI does not protect you, the borrower. The lender will secure the PMI policy for you, and you will pay for it. Most people choose to have PMI added to their monthly mortgage payments, but other payment arrangements are possible. The monthly cost of PMI is based on your loan amount. An approximate cost of PMI for a $100,000.00 loan is about $50.00 a month. Your Magic Number When the equity in your home reaches 20%, you can have the PMI policy cancelled. Your monthly payment will be recalculated to reflect that you are no longer paying for the insurance, and you can save some money. But lenders do not have to cancel your PMI until your equity reaches 22%, so you can spend extra money on this that you don't have to. Your best bet is to figure the dollar amount that you need to reach in order to have 20% equity. Then, obtain an amortization schedule from your lender, and see when you will reach that figure. That is the date to keep in mind so you can cancel it without any extra cost to you. It's Not Always Automatic Not all people have the convenience of having their PMI automatically cancelled. The Homebuyer's Protection Act that requires lenders to do this does not cover loans that closed before July 29, 1999. It also does not cover VA loans or FHA loans. So be aware that you might not have someone else taking care of this for you. Check it out! Genesis Font is an SEO and Developer for LoansInteractive.com - Mortgage and Loan Officer Websites. We also offer Quality Web Hosting Services.
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Today's Mortgage, Refinance Rates: Sept. 19, 2021 | Rates Low Before Fed Reconvenes Business Insider 10-year mortgage refinance rates remain a steal — but for how much longer? | Sept. 13, 2021 Fox Business Today's average mortgage refinance rate holds below 2.4% for 15 days | Sept. 21, 2021 - Fox Business Savings window still open: Today's mortgage refinance rates hold firmly near record lows | Sept. 22, 2021 Fox Business Today's 10-year, 15-year mortgage refinance rates approach one month at near-record lows | August 24, 2021 Fox Business Today's Mortgage, Refinance Rates: Sept, 11, 2021 Business Insider Home equity loan vs. mortgage | Differences, pros and cons The Mortgage Reports Today's Mortgage and Refinance Rates: August 28, 2021 | Rates Quiver Business Insider Securing a mortgage increasingly difficult, MBA finds: These refinance options could make it easier FOX 32 Chicago Fannie Mae lowers 2021 economic outlook for second consecutive month, but raises 2022 forecast Fox Business Pandemic drives 82% increase in home repair activity, data shows: Here's how to finance yours Fox Business Best Los Angeles mortgage lenders in 2021 Bankrate.com Learn More About Mortgage Refinancing Credible News Today's mortgage refinance rates hold at historic lows for 3 out of 4 terms | August 23, 2021 Fox Business Today's mortgage refinance rates: Longer terms fluctuate, shorter terms hold firm | August 13, 2021 Fox Business Today's 30-year mortgage refinance rate holds below 3% for 25th straight day | August 9, 2021 Fox Business Today's mortgage refinance rates: two key rates climb while two hold steady | June 22, 2021 Fox Business Today's mortgage refinance rates: 30-year rates plunge below 3% for the first time in 34 days | April 16, 2021 Fox Business Survey finds 74% of homeowners haven't refinanced despite low mortgage rates Pittsburgh Post-Gazette Today's mortgage refinance rates — one key rate rises while others stick below 3% | April 12, 2021 Fox Business How to refinance a mortgage | Mortgage | Chase.com Chase News & Stories 15 of the best mortgage refinance companies for 2021 Fox Business Today's mortgage refinance rates show little change: only 30-year rates drop | June 21, 2021 Fox Business Today's mortgage refinance rates tie March high — though one key rate holds firm | March 29, 2021 Fox Business Best mortgage refinance lenders in 2021 Bankrate.com Pros and cons of a cash-out mortgage refinance Fox Business Today’s mortgage refinance rates: three key rates drop while 15-year rates hold firm | July 6, 2021 Fox Business 7 Steps for a Successful Mortgage Refinance Business Insider Today's mortgage refinance rates see little change as market holds steady | April 1, 2021 Fox Business It’s becoming ‘increasingly common.’ How to refinance your home, and spend $0 at closing to do it MarketWatch Mortgage Refinance Options & Types | Refinance | Chase.com Chase News & Stories |
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