Mortgage Insurance Companies

by Tabitha
(Bristol, TN USA)

Ask Kate about Mortgage Insurance Companies:
We got mortgage approval through our bank over 4 weeks ago, got the house inspected and appraised, and have been waiting since then for the PMI approval to come back. We have the required 5% downpayment for a loan amount of $114,000.



We want a 30 year fixed conventional loan and both have decent to good credit. My FICO is 760 and my husband's is 735. The market we live in isn't in one of the high risk areas and hasn't really had an excessive slowdown since the housing issues arose last fall.

We have provided all documentation as soon as requested and are still waiting.

The PMI company came back 7 days ago and wanted comparable houses in the area that have not sold in the past 6 months. Our lender has sent over 15 houses. Is this a normal part of the process and how long should the mortgage approval take?

Our contract on the house we are buying runs out soon and we have already been told by the seller they have a 2nd contract waiting.

Is there anything we can do to speed up the PMI process?

Answers About Mortgage Insurance Companies

Dear Tabitha, Thank you for contacting Get-Your-Best-Mortgage-Rate.com regarding the normal time frame for the PMI approval process. I know many other Readers have the same type of question.

Please go to PMI Decision Making where you will find my response.

After reading, let me know if you have additional questions about mortgage insurance companies and the PMI decision making process.

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Best Wishes,





Kate Ford
Your Online Mortgage Advice Friend

P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

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