PMI Insurance Delays

by Julie R. from Topeka, Kansas USA

Solving PMI insurance delays (private mortgage insurance) causing home buying stress: Hi Kate, We are trying to buy a home that the owner, a Realtor, bought a little over 60 days ago before it was foreclosed on.


Julie continues... We are doing a conventional loan. Everything was good to go until the title company came back and said that it has to be owned for 90 days. Because of this we could not be able to get PMI insurance until that 90 days is up.

I'm going through a major bank and now we are being told that we will not be able to purchase the home until the 91st day.

This is very stressful because we have to be out of our current place by the end of the month and this is only giving us less than 2 weeks to get moved. Please advise.

Kate Answers: Solving PMI Insurance Delays

***zz-portrait-left.shtml*** Dear Julie,

Although too many cooks spoil the broth, the number of companies involved in your mortgage approval process unfortunately is unavoidable.

That's why selecting a real estate agent you trust is so crucial to a successful home buying experience.

From Realtor To Dream Team

Selecting a Realtor is the first step for home buyers. From there, a real estate agent can refer you to a mortgage professional who coordinates other institutions with influence over your mortgage approval, such as private mortgage insurance companies.

I call this forming your Dream Team. ***zzz-link-home-buy1.shtml*** This is not to say hiccups will be totally non-existent as you buy a house. But give yourself a head start advantage, beginning with choosing a top rated real estate agent.

How To Cure Mortgage Approval Hiccups

As is your case, sometimes a mortgage process falters unexpectedly. That's why every home buyer should know how to cure mortgage approval hiccups. In addition, understanding PMI decision making helps home buyers know how to plan.

Julie, I wish we could have discussed this before your mortgage process was drawing to a close. I am hoping to hear back from you after you are in your home.

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