Mortgage Approval For PMI

by Joshua in Illinois

Ask Kate: Mortgage Approval For PMI - Will I be approved?
Dear Kate, I have been approved for a conventional loan, borrowing 95% and putting down 5%, pending mortgage approval for PMI (Private Mortgage Insurance).



I am a first time home buyer, have a 732 credit score with $30,000 in the bank and the appraisal is in the works as we speak.

How confident should I be that I will be approved? I greatly appreciate your help! Joshua

Kate Answers: Mortgage Approval for PMI - Will I be approved?

Hi Joshua, Without PMI, you have not been approved yet.

Because you are borrowing 95% of the value of your home with only a 5% down payment, your lender requires PMI approval first to loan you the money you need to buy your house. That is why without the PMI stamp of approval, your loan approval is still pending.

You have many strong qualifications such as your credit score but there are other deciding factors. So ask your mortgage representative if there is anything you can provide to hasten the decision.

I get quite a few questions from other home buyers and homeowners asking what is private mortgage insurance, why is paying it necessary, how to get rid of it and what are the requirements. At the bottom of this page, you will notice that I have described these pages on my website pertaining to PMI assistance and clarification.

Don't miss out on the straight scoop! Think of it as your Virtual PMI Guide! And as always, write me back if you have more questions. Please also take a moment to bookmark Mortgage Approval For PMI to your favorites so you can easily return in the future.

Help me spread the word by sharing my website with your friends. Remember, all of my information is free!

Best Wishes,

Finally! Straight Scoop about PMI!

• What Is PMI - Could private mortgage insurance be your solution to equity and down payment problems?


• How Do Lenders Calculate PMI - Is it a one-size-fits-all amount or does the cost vary?


• How Do I Cancel PMI - Will refinancing or a new appraisal be required to get rid of PMI?


• PMI Decision Making - What do you when the PMI process is getting in the way of buying a house or mortgage refinancing?


• FHA Refunds For Mortgage Insurance - You might not know this but you could be entitled to an FHA mortgage insurance refund.


• Paying Private Mortgage Insurance - Questions from Readers just like you with my straight forward answers!

What can you do when your mortgage approval hiccups? I don't have to convince you that mortgage approval can be tricky.

Join in and ask your own question! It's easy to do. How? Simply click here to return to Ask Kate About Buying A House

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