PMI Calculation

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.

Best wishes,

***zz-portrait-sig-left-no-wrap.shtml***
***zzz-link-pmi.shtml***

Click here to add a comment.

You can also ask Kate about your mortgage at Refinancing Advice The Nuts and Bolts.

Recent Articles

  1. Lock Mortgage Rates - How To Avoid Hidden Fees

    Aug 06, 18 11:58 AM

    If you lock mortgage rates over the phone, how do you protect against excessive points and hidden closing costs? Learn what to do when your lock is threatened.

    Read More

  2. Finding Low Down Payment Mortgage Financing

    Aug 06, 18 11:53 AM

    Getting a low down payment mortgage: Learn the first two steps to financing niche properties in resort areas. Tip: It's not about timing the real estate market!

    Read More

  3. Ten Best Kept Secrets to Low Mortgage Payments

    Aug 06, 18 11:45 AM

    Ask Kate's secrets to low mortgage payments help homeowners understand industry lingo related to refinancing. Learn how to get your best mortgage rate!

    Read More