Private Mortgage Insurance, Getting rid of it... - Posted by Christian Beebe

Real Estate Investing
1

Posted by ben (OH) on October 29, 2003 at 08:46:53:

Call the mortgage company and have them send a instructions to remove pmi. most likely you can order the appraisal for about $250. usually the 250 investment will pay out very well over time.

good luck

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Private Mortgage Insurance, Getting rid of it… - Posted by Christian Beebe

Posted by Christian Beebe on October 29, 2003 at 08:26:14:

Here’s the deal,

I have a homeowner who has a 30 year mort at 8% and pays PMI on top of that, so their payments are $800 a month, with a total mortgage of $71,000.

I have people very interested in lease/optioning the home, that I want to put in, but that payment is not possible for that size home, etc.

What can the homeowner do to get rid of that PMI, can they refinance? If they do refinance, will their payments be lower, and remember I will have the home sold within two years no problem.

Thanks,

Christian “The Solutions Kid” Beebe

3

Refinance it… - Posted by Bob-MD

Posted by Bob-MD on October 29, 2003 at 14:41:06:

Why don’t the just refinance? Paying 8% in today’s market is crazy. There are many programs available to get rid of the PMI without having 20% down. Mostly they consist of the first mortgage lender doing a second at the same time as the first. Talk to a lender…there is no need to be paying PMI.

Bob

4

Re: Private Mortgage Insurance, Getting rid of - Posted by dimpil

Posted by dimpil on October 29, 2003 at 12:37:00:

PMI is required for loans above 80.01% LTV. Once 80% or below it’s not required. You can order new appraisal to show home is 80% or below and SOMETIMES if you have made payments on the home for 18 months you can call the PMI company and ask them to remove it.

5

Well, - Posted by E.Eka

Posted by E.Eka on October 29, 2003 at 09:17:30:

Refi the existing mortgage to lower the rate. That will lower the payments. The PMI will only go once the LTV = 78%.