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Tagged with: pmi
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Joy Caudill
15 days ago
After 2013 as long as the LTV is high enough there is still an 11 year MIP. Is the LTV based on the loan amount calculated against the purchase price or the appraisal price? If qualified with a good enough LTV the annual MIP for 11 years is 80 bps (0.80%). Is this calculated on the original loan amount always or is it adjusted yearly based on the current principal balance? Basically, If I pay extra to reduce my principal will it lower my MIP yearly?
After 2013 as long as the LTV is high enough there is still an 11 year MIP. Is the LTV based on the loan amount calculated against the purchase price or the appraisal price? If qualified with a good enough LTV the annual MIP for 11 years is 80 bps... (more)
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Juan Castillo
a month ago
Loan origination date July 2009, loan amount 154,000, currently owe 129,000. Zillow appraisal estimate is 179,000. I have not done an appraisal yet though.
Loan origination date July 2009, loan amount 154,000, currently owe 129,000. Zillow appraisal estimate is 179,000. I have not done an appraisal yet though.
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william sanford
2 months ago
I ask because if my loan is under 20 percent I will have to pay PMI. Will this be the case for the entire loan or until I have paid 20 percent of the loan value?
I ask because if my loan is under 20 percent I will have to pay PMI. Will this be the case for the entire loan or until I have paid 20 percent of the loan value?
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James Hester
3 months ago
Hi, I could not qualify for a conventional due to a rental that we had to let go 4 years ago.

We purchased a house for 415K and put down 138K for an FHA loan of 277k. I am being charged an MIP even though my loan to value is less than 80%. Should I be charged this?

If I am supposed to pay it, if I pay my loan down 20% will it go away then?

Thank you for any help
Hi, I could not qualify for a conventional due to a rental that we had to let go 4 years ago.

We purchased a house for 415K and put down 138K for an FHA loan of 277k. I am being charged an MIP even though my loan to value is less than 80%. Should I... (more)
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Melissa Bickman
3 months ago
I originated my FHA loan June 1 2012. I would like to remove PMI as the value has increased. What are the requirements to remove the MIP for this loan?
I originated my FHA loan June 1 2012. I would like to remove PMI as the value has increased. What are the requirements to remove the MIP for this loan?
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MAUD MCKINNON
4 months ago
My loan is less than 3 years old and I have never been late on a payment(most of the time I pay two weeks in advance). My credit score is good. It will only save me $100 a month.
If the rates have changed why not give mortgage owners the break without the extra cost?
My loan is less than 3 years old and I have never been late on a payment(most of the time I pay two weeks in advance). My credit score is good. It will only save me $100 a month.
If the rates have changed why not give mortgage owners the break... (more)
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Neil Petrocelli
5 months ago
Basically my home is valued at $405K, After closing costs and around 10K cash out, I will be borrowing around $345K. If the value of my home increases whereby my LTV goes to around 75-77%, can't I get the PMI waved? The company said no? Is this true?
Basically my home is valued at $405K, After closing costs and around 10K cash out, I will be borrowing around $345K. If the value of my home increases whereby my LTV goes to around 75-77%, can't I get the PMI waved? The company said no? Is this... (more)
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Mark Cobb
5 months ago
It is my understanding that one can eliminate the PMI after being with the loan for five years if LTV reached 78%. That occurs this Sept. If I need to pay down mortgage a little to get to 78% is that allowed? My mortgagee is telling me I must wait until the normal 30 year amortization reaches the 78%. Doesn't make sense to me.
It is my understanding that one can eliminate the PMI after being with the loan for five years if LTV reached 78%. That occurs this Sept. If I need to pay down mortgage a little to get to 78% is that allowed? My mortgagee is telling me I must wait... (more)
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James Ross
6 months ago
We filed a chapter 7, lost a home in foreclosure but maintained a home we could afford. It's been 4.5 years and we were approved for an FHA loan based on our re established credit, stable jobs, good income and no debts at all. Lender says FHA is all we can do and that PMI is required. Ok we find it to be worth it, but no one can tell me how long we will have to pay the PMI? When can we get it removed, and will we have to refi to remove it? If that is true how long?
We filed a chapter 7, lost a home in foreclosure but maintained a home we could afford. It's been 4.5 years and we were approved for an FHA loan based on our re established credit, stable jobs, good income and no debts at all. Lender says FHA... (more)
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283
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A Curious User
10 months ago
I purchased the house in March of 2013 for $95,000. The home was appraised for $110,000. I put 3.5% down. I have now paid down the balance to $85,000. Am I eligible to have the monthly mortgage insurance removed based on a loan to value of 77% using the original appraised value or would they look at the loan to value using the original purchase price of $95,000? My lender is Chase if that helps.
I purchased the house in March of 2013 for $95,000. The home was appraised for $110,000. I put 3.5% down. I have now paid down the balance to $85,000. Am I eligible to have the monthly mortgage insurance removed based on a loan to value of 77% using... (more)
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