First Time Home Buyer News

What You Need to Know About Private Mortgage Insurance (PMI)

Mortgage News, Private Mortgage Insurance, Vantage Rising home values mean you can potentially eliminate costly monthly mortgage insurance. Refinance into a conventional loan with no monthly PMI payment.

You don’t have to be stuck with PMI forever; here is what you need to know about getting rid of private mortgage insurance. Homeowners Protection Act of 1998 PMI Cancellation: On July 29, 1998, the Homeowners Protection Act ( HOPA ) of 1998 was signed into law, later amended December 27, 2000 it was made effective on loans closed on or after.

So you took the plunge and bought a house, with a mortgage to match. You may be wondering if you need. the insurance company pays your mortgage lender directly. Mortgage protection life insurance.

Generally speaking, private mortgage insurance is designed to protect the lender in case you stop making payments on your home, but PMI can be beneficial to homeowners because it can allow you to get qualified for a loan that you would otherwise not be able to afford without a 20 percent down payment. It can also help you qualify for a loan at a lower interest rate than if you were to get a conventional loan with a low down payment and no PMI (those usually have higher interest rates).

What You Need to Know About Private Mortgage Insurance (PMI) Categories: Down Payments , First Time Home Buyers , For Buyers , For Sellers , Move-Up Buyers Whether it is your first time or your fifth, it is always important to know all the facts when it comes to buying a home.

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My husband and I seek your help in removing private mortgage insurance (PMI. and they now inform us that we need to have a 24-month delinquency-free payment history before they will remove our PMI..

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Private mortgage insurance is an actual insurance policy issued by an insurance company that benefits your lender. If your home goes into foreclosure and the lender is not able to recoup the outstanding balance by selling the home, the insurance company that issued your PMI will pay the lender the difference.

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 · Private mortgage insurance, known as PMI, is what someone obtains when taking out a standard home loan. lenders tend to force those buying a house using a conventional home loan to also buy into PMI in case of a foreclosure.

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