Time To Say So Long To PMI?
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Home appreciation nationally has jumped nearly 50% over the past five years. That’s enough to help homeowners with private mortgage insurance dump the policy and save thousands per year in premiums.
PMI is for homeowners who purchased their home with less than 20% down payment. However, once the owner’s equity increases beyond that amount and they’ve lived in the home a few years, the lender is required to drop PMI upon their request. For instance, if you bought a $200,000 home with a 10% down payment program five years ago (obtaining a $180,000 mortgage), and if the home is now worth $235,000, you’ve amassed equity of more than 20%, and you should be able to drop the PMI fee from your monthly payment. (Please note: Figures used are for illustration purposes only; home prices can vary widely area to area.)
Call your mortgage company and ask for information on how to eliminate the policy.
Flood Insurance » (Florida evicting renters) Time To Say So Long To PMI? said,
April 5, 2007 @ 11:55 am
[...] Time To Say So Long To PMI?Home appreciation nationally has jumped nearly 50% over the past five years. Thats enough to help homeowners with private mortgage insurance dump the… [...]