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.
Finally! PMI Answers You Need
What Is PMI - Could private mortgage insurance be your solution to equity and down payment problems? 2013 Update: Deductible mortgage insurance premiums.
Updates on HARP 2.0 Refinance with Borrower and Lender Paid Mortgage Insurance - PMI and LPMI.
Could you 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 factors.
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.
My name is Kate and I will be your guide - PMI Questions and Answers