PMI..? - Posted by Geekpimp

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Posted by Sandy on February 21, 2001 at 13:19:34:

The answer is no. Once you have 20% equity in the property, whether is is from D/P or equity already in the home, you shouldn’t have to pay a PMI. Just double check your GFE and Commitment to make sure you’re not being charged anyway. Just for the future, if you borrow more than 80% (or you don’t get an 80/15 mortgage) YOU will have to tell the bank that you’ve reached 20% and request PMI termination. The bank will not tell you.

Hope this helps.

S.

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PMI…? - Posted by Geekpimp

Posted by Geekpimp on February 18, 2001 at 10:42:43:

I am about to close on an investment property, and had planned on putting down 10%.
The appraisel came in 11% higher than expected; so if I throw in a few hundred more on the D/P, I’ll be under 80%LTV.
The question is, will I still have to pay PMI if I’m borrowing less than 80% of the properties value, even though I’m only using 12% of purchase price as out of pocket cash for D/P?
Thanks,
GP