PMI Decision Making
PMI decision making has thrown more than one mortgage approval into a tailspin. So what action can you take when the PMI process is getting in the way of buying a house or refinancing?
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PMI Time Frames
Normal time frame for the PMI approval varies. Rule of thumb is 24 to 48 hours. But with complications, mortgage insurance companies could take days and even weeks.
Mortgage Insurance Companies
Mortgage insurance companies insure lenders when home buyers want a low down payment mortgage or homeowners are refinancing with less than 20% equity. PMI companies are cautious due to their risk and can take their time granting PMI approval.
But for consumers buying a house or involved in mortgage refinancing, this is little consolation if time is running out.
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Squeaky Wheels For Buying A House
Here is the reality. Squeaky wheels get the grease.
If you are caught waiting for PMI approval while your purchase and sale contract is about to expire, politely call your lender daily for status updates. Keep your real estate agent in the loop also.
Mortgage Refinancing Requires Grease
Any homeowner with less than 20% equity should take into consideration that mortgage insurance companies can slow down mortgage refinancing.
Monitoring your lock-in period when PMI approval drags on is a must. Ask your lender if you can extend the mortgage interest rate lock if necessary.
I have mentioned it already but will say it again. The squeaky wheel gets the grease. Keep in touch daily with your mortgage lender.
What Is PMI Mortgage Approval
Are you wishing for the basics on PMI? Visit What is PMI for answers.
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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
PMI Decision Making -- Is PMI decision making throwing your mortgage approval into a tailspin? Find the solution here.