Private Mortgage Insurance Questions
by Shelly
(Michigan USA)
Regarding Private Mortgage Insurance Questions:
I'm looking to refinance and was wondering which option might prove more beneficial FHA or Obama's Home Affordable. FHA has the MIP and HA has the PMI. FHA has a 95% LTV and HA has an 125% LTV.
Is there other programs that I could refinance and avoid PMI or MIP? I have a good credit score and never have missed any payments. My house value is $144,000---down from $172,000 from 7 years ago. I'm looking to save on the monthly payments and/or lower my current PMI.
Hi Shelly, I do not know how much you originally borrowed when you purchased your home 7 years ago so I can only talk in generalities. Depending on your mortgage balance, your refinancing options will probably be driven by loan to value, how much you owe in relation to your appraised value.
Whatever you end up qualifying for and no matter how appealing mortgage programs seem, take the responsibility upon yourself to investigate. Compare mortgage closing costs. Insist on a good faith estimate in writing and ask for mortgage rate lock terms upfront.
In fact just this morning I answered another Reader's letter who was trying to compare VA loans to HARP. You can read Mike's letter VA Mortgage Loans here.
For additional PMI help, here are contributions from other Readers with common scenarios regarding private mortgage insurance.
* PMI Refinancing Advice
* Homeowner's Protection Act of 1998 For PMI Termination
* Where To Get PMI Approvals
* How Can Appraised Value Get Rid Of PMI
* How To Get Rid Of PMI
* PMI Calculation
* Buying A House And Private Mortgage Insurance
* Mortgage Insurance Companies
* Mortgage Rate Refinance No PMI
I have provided links to private mortgage insurance facts at the bottom of this page for your convenience. By all means, please let me know if you have more questions.
Take a moment to bookmark Private Mortgage Insurance Questions to your favorites and visit often for more PMI and refinance tips.
Best Wishes,
Your Online Mortgage Advice Friend
What Is PMI | How Do Lenders Calculate PMI
How Do I Cancel PMI | PMI Decision Making
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