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,

Kate Ford of Get-Your-Best-Mortgage-Rate.com



Kate Ford Your MortgageBuddy on Twitter

Your Online Mortgage Advice Friend


What Is PMI | How Do Lenders Calculate PMI
How Do I Cancel PMI | PMI Decision Making
FHA Refunds For Mortgage Insurance

What can you do when your mortgage approval hiccups? I don't have to convince you that mortgage approval can be tricky.


Return from Private Mortgage Insurance Questions to the Home Page

The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com

Click here to post comments.

Join in and write your own page! It's easy to do. How?
Simply click here to return to Refinancing Advice The Nuts and Bolts
.

Grin and Bear It!

Get-Your-Best-Mortgage-Rate.com is getting a facelift!

Please bear with me! The content is identical so continue to browse. I'm working as fast as I can to finish up!

I'm grinning. Hope you're enjoying the new look too!

Your friend,
Kate Ford

You Can Own My Brain

Lock Answers by Kate - Learn the nitty gritty inside story of locking your mortgage rate.

Refinance Answers by Kate - Refinancing brings out opinions, for sure! Get the facts here.

Answers by Kate For Seniors - Reverse Mortgage, the unique income answer for retirees.

Home Buying Answers by Kate - Learn how to buy a house. Unusual facts to aid your home buying experience.

Credit Answers by Kate - Improving credit could change your life. Find how to get more than temporary results.

FHA and VA Answers by Kate - Clear the fog. The low down on VA and FHA loan requirements.

PMI Answers by Kate - Private mortgage insurance, friend or foe? Do you know how to get rid of it?

ARM Answers by Kate - Do you have an adjustable rate home mortgage? You can ask Kate for help.

Loan Modification Answers by Kate - Unique help for modifying your mortgage. Make sure you don't miss this.

Website Answers by Kate - Yes... Readers even ask Kate how to build a website.