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 percent downpayment for a loan amount of $114,000.

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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?

Kate Answers: Mortgage Insurance Companies

Dear Tabitha, Thank you for asking Kate at Get-Your-Best-Mortgage-Rate 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 to your question.

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

Take a moment to bookmark this page to your favorites and visit often for more home mortgage financing tips. You can also invite friends to comment on this page or ask a question of their own like you did.

Best Wishes,

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

FINALLY! The PMI Answers You Need

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

You might not know this but you could 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 contribute to calculations.

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.

Ask Kate About PMI - Ask a question about PMI and get an answer from Kate.

My name is Kate and I will be your guide - PMI Questions and Answers

**Super Kate Tip: Why settle for less than perfect credit?
Consult the Experts to Clean Up Your Credit Report.**

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