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Answers (14)
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
- Clay Branch, "Georgia Loans"
- Contributions:7839
I checked, they are out of stock, seems they sold 2 today. I will try AAmazon.com, they show up 1st anyway.
- Clay Branch, "Georgia Loans"
- Contributions:7839
Ok, how much does a thinking cap cost, Professor?
"The Homeowners' Protection Act of 1998, enacted by our Federal Government, states that lenders must automatically remove PMI once 78% value is reached so long as the payments are current. As I noted in my previous post there are some exceptions to this if this is a government sponsored loan such as an FHA or VA. "
There are more exceptions than just that. Your post is not accurate because it assumes the OP is in a conforming mortgage. HPA can only specifically be enforced on a conventional "CONFORMING" mortgage and not just any conventional mortgage. A mortgage designated as "high risk" does not follow the same guidelines and there is no specific standard as to what a "high risk" mortgage is. A 30 year pick-a-pay is a conventional mortgage but certainly not a conforming mortgage and not subject to HPA. The guideline for a conventional non-conforming mortgage is different so to state, "For a conventional loan it will automatically be removed at 78%." is inaccurate.
- Clay Branch, "Georgia Loans"
- Contributions:7839
Someone has their thinking cap on.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
Neither FHA nor VA have PMI so it's not really an exception as it doesn't apply in the first place.
what about on investment properties?
what about on investment properties?
- Jeremy C. Van Deventer, "JCVanDeventer"
- Contributions:19
The Homeowners' Protection Act of 1998, enacted by our Federal Government, states that lenders must automatically remove PMI once 78% value is reached so long as the payments are current. As I noted in my previous post there are some exceptions to this if this is a government sponsored loan such as an FHA or VA. I hope that the information provided in the posts has provided you with a solution that you are looking for.
- Julann Carney, "Julann Carney"
- Contributions:208
It should be stated in your mortgage instrument. Some loans as an example have a stated # of years; some have language that provides for it to change once you attain a certain percentage of equity.
I would check your mortgage instrument from your documents that you signed at closing. If you are unable to locate that paperwork it would be helpful to contact your lender to obtain this information.
Good luck!
Julann Carney
I would check your mortgage instrument from your documents that you signed at closing. If you are unable to locate that paperwork it would be helpful to contact your lender to obtain this information.
Good luck!
Julann Carney
"For a conventional loan it will automatically be removed at 78%."
Really?
"Speak to a licensed mortgage orginator from the State of Arkansas such as myself."
You mean one that gives incorrect advice and switches gears entirely in order to pitch a refinance to someone asking a question about PMI; a licensed originator like that?
Really?
"Speak to a licensed mortgage orginator from the State of Arkansas such as myself."
You mean one that gives incorrect advice and switches gears entirely in order to pitch a refinance to someone asking a question about PMI; a licensed originator like that?
- Jeremy C. Van Deventer, "JCVanDeventer"
- Contributions:19
For a conventional loan it will automatically be removed at 78%. If it is a government loan there are some other considerations.
If you are trying to lower your payment by $100-$300 a month right now, you might want to consider refinancing (especially if you are paying 5% or more, as rates have dipped to lows that haven't been seen for 50 years). It may be worth 15 minutes of your time to find out if you are a good canidate for drastic savings.
Speak to a licensed mortgage orginator from the State of Arkansas such as myself. If it makes sense to refinance I always encourage customers to shop around and get a couple of quotes to ensure that your best interests are met.
If you are trying to lower your payment by $100-$300 a month right now, you might want to consider refinancing (especially if you are paying 5% or more, as rates have dipped to lows that haven't been seen for 50 years). It may be worth 15 minutes of your time to find out if you are a good canidate for drastic savings.
Speak to a licensed mortgage orginator from the State of Arkansas such as myself. If it makes sense to refinance I always encourage customers to shop around and get a couple of quotes to ensure that your best interests are met.
- drcu
- Contributions:6
Just went through this with chase. Emailed Chase to get them to send me their guidelines for pmi removal. My home is underwater but if you get the LTV down to 75% of the purchase price in California then pmi has to be AUTOMATICALLY removed without a BPO!!!!! After several letters omitting this little fact I eventually got one stating this. (It is actually a California Law.) Even with the letter in hand and the California law on the books it took much patience to get them to remove the pmi from my loan.
- Nelson Bayne, "StCasimirsSavingsBan"
- Contributions:39
I will recommend a different approach. The best group to call is your servicing lender. Each lender has policies in place to direct the removal - cost and documentation required. There are government guidelines specific to the removal of mortgage insurance - either private mortgage insurance or government mortgage insurance. One great thing Clinton did while in office is signed a law that required private mortgage insurance to be waived once a 78% Loan to value was achieved. Back in the "haydays" of appreciation lenders could open a mortgage and waive the mortgage insurance (private) within 6 months. But as new regulations occur - some mortgage insurance companies are requiring a minimum of 5 years for the MI to be in place prior to request for removal. But again your serviing department of your current lender is the right place to start.
- Clay Branch, "Georgia Loans"
- Contributions:7839
Do you have a conventional loan or an FHA loan?
when can you stop having the pmi insurance
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