Instead of requiring the buyer to pay for private mortgage insurance, some lenders pick up the cost of PMI, allowing a buyer to pay less than the traditional 20 percent down.
Get Rid of PMI – Quick and Dirty Tips – The upside of PMI is that it allows a borrower to buy a house with less than 20% down, but the downside is that the borrower must pay for the PMI even though it protects solely the lender. If you are currently paying PMI, the good news is that you don’t have to pay it forever. It’s possible to get rid of it. When Can You Get Rid of PMI?
How to avoid paying private Mortgage Insurance – About the Author: The above Real Estate information on the home how to avoid paying private mortgage insurance was provided by Bill Gassett, a Nationally recognized leader in his field.Bill can be reached via email at [email protected] or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 29+ Years.
Get Rid of PMI – Quick and Dirty Tips – · Lenders typically require the borrower to pay PMI if the loan is more than 80% of the house’s value. The cost of PMI varies, but is typically about 0.5% of the loan amount each year. The upside of PMI is that it allows a borrower to buy a house with less than 20% down, but the downside is.
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How to Eliminate Private Mortgage Insurance (PMI) – Cash. – Pay your mortgage on time, every time so you can cancel at 80% loan-to-value ratio rather than waiting to reach 78%. Don’t take out home equity loans or lines of credit as they reduce your property’s equity and cause you to pay PMI longer. Remember, Private Mortgage Insurance doesn’t benefit you – it benefits the lender.
To remove PMI, or private mortgage insurance, you must have at least 20 percent equity in the home. You may ask the lender to cancel PMI when you have paid down the mortgage balance to 80 percent of the home’s original appraised value. When the balance drops to 78 percent, the mortgage servicer is required to eliminate PMI.
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When you think about it, that amount really starts to add up. Obviously, the larger the mortgage and the smaller the down payment in terms of percentage, the larger the PMI payment. If a borrower ends up paying PMI premiums for many years, it can literally cost thousands of dollars.
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