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


Ask Kate at Get-Your-Best-Mortgage-Rate.com
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.

Learn More About Your Dream Team

How to Buy a House Part 1 Meet your real estate agent and save yourself heartache and headache.

How to Buy a House Part 2 Meet your mortgage lender - Expect more than quoting the lowest rate or taking an application.

Check out List of Mortgage Companies, a local lender directory.

How to Get a Mortgage Part 3 Meet your home inspector and avoid buying a money pit.

How to Get a Mortgage Part 4 Meet your real estate appraiser - Does an appraisal assures you of a good deal?

How to Get a Mortgage Part 5 Meet your title insurance companies for coverage resulting in peace of mind.

How to Get a Mortgage Part 6 Meet your homeowners insurance agent because there is more to it than the cheapest quote.

How to Get a Mortgage Part 7 Meet your escrow and closing disclosure form, the guardian of your real estate transactions.

Title, Abstract Services and Escrow Agents, a mortgage service provider directory.

How to Buy a House Questions and Answers II.

How to Buy a House Questions and Answers I.

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.

Comment here on PMI Insurance Delays. Or Ask Kate another question here.

Sincerely,

Ask Kate





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