by BigBear from USA
Ask Kate: It's PMI Calculation Time Hi Kate, I'm looking at refinancing our mortgage. We paid $385,000 for the home we just bought. We owe $363,000 on our mortgage and pay private mortgage insurance (PMI). The lender will do a new appraisal.
I'm wondering if the mandatory release of private mortgage insurance at less than 80 percent LTV will be based on the original value or the new appraised value.
Any help and link to information would be great!
Kate Answers: It's PMI Calculation Time
Dear BigBear, Thank you for contacting me on my website, Get-Your-Best-Mortgage-Rate. You bring up three great questions about private mortgage insurance (PMI).
1. What is PMI?
2. How do lenders calculate PMI?
3. How do I cancel PMI?
Then follow with question and answers from other homeowners like you at Ask Kate
. In addition, near the bottom of this page, you will find my guide for private mortgage insurance help.
Visit often, BigBear. I am continually adding insider tips for homeowners.