Buying A Bank Foreclosure
by Jennifer in Decatur, Alabama USA
Ask Kate about buying a bank foreclosure and PMI approval: Hi Kate, My fiance and I just recently put in an offer on a foreclosure house. It has been about a week and a half now. The seller finally sent the listing agent an e-mail saying they were waiting on a PMI approval. Does this mean that they accepted our offer? How long does it take to get a PMI approval?
Kate Answers: Buying A Bank Foreclosure
If only I could wave a magic wand over the process of buying a bank foreclosure for you.
Waiting on the bank to accept the offer creates anxiety. Then throwing PMI approval into the mix tops it off.
So I applaud you for seeking answers to better understand the process.
When a home buyer has less than a 20 percent downpayment, private mortgage insurance is required. To obtain coverage, the home buyer needs to be approved by the PMI provider.Has the bank accepted your offer pending PMI approval?
Oh... I really don't know. Banks are hard to predict because they do not have the emotions driving their actions like a private seller does. Generally when the bank says they are waiting on a PMI certificate, it means until you can demonstrate the approval, they won't commit.
This is part of the process I referred to earlier if you are buying a bank foreclosure.How long does it take to get PMI approval?
I have seen PMI approvals take merely minutes and others up to a few weeks. Some of that depends on the home buyer's credit package but the time frame is also dependent upon the volume of PMI applications.
I wish you the very best in your pursuit of buying a bank foreclosure. I have also included my Guide to Private Mortgage Insurance at the bottom of this page. Be sure to check it out. You'll feel like you hit a gold mine!Click here to comment on Buying A Bank Foreclosure
Click here to post comments
about buying a bank foreclosure.
If you still have questions regarding buying a bank foreclosure or PMI approval, write me at Ask Kate
where every question is a good question.
Return to Get-Your-Best-Mortgage-Rate from Buying a Bank Foreclosure
Finally! PMI Answers You Need
What Is PMI - Could private mortgage insurance be your solution to equity and down payment problems? 2013 Update: Deductible mortgage insurance premiums.
Updates on HARP 2.0 Refinance with Borrower and Lender Paid Mortgage Insurance - PMI and LPMI.
Could you be entitled to a mortgage insurance refund from FHA?
How do lenders calculate PMI? Credit history, amount of down payment or equity, occupancy status, and loan type factors.
How Do I Cancel PMI Will refinancing or a new appraisal be required?
What to do if PMI Decision Making is getting in the way of refinancing or buying a house.
My name is Kate and I will be your guide - PMI Questions and Answers
Help Spread The Word
I depend on word of mouth! So please help me share PMI Approval and Buying a Bank Foreclosure
with your friends.
The information you obtain at this site is not, nor is it intended to be, a substitute for personalized professional advice. All numbers are estimated and are for illustrative purposes. Rates, loan programs, and guidelines are published for convenience only, vary with no advance warning, are not guaranteed, and should not be relied upon. You are encouraged to consult a lender for a current rate quote and seek advice from qualified professionals, for example, attorneys, accountants, financial planners, housing counselors, mortgage lenders, and/or real estate agents, regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com and its owners.