i believe it does pay the mortgagee, and satisfies it with them, but doesn't absolve you of repayment (what is left after they sell the house).........but i'd call (or read the policy) on your mortgage insurance
PMI has absolutely nothing to do with the death of a home owner. There is no benefit to the PMI in this situation. A Mortgage Life Insurance policy would be of great benefit as it would pay off the mortgage on the house at the death of the homeowner.
this is possible Most of my clients are never put into PMI Pmi is usually placed on with a loan when the purchaser is putting down a very small amount of money PMI is a old loan technique not used very much at all now. So if your question is in regards to PMI I would not expect you to have to pay PMI on a refi. I have plenty of lenders who will not ask for PMI and I avoid it for my clients very easily If you have any more questions give me an e-mail at nora@chapter13refinancing.com
PMI is a type of mortgage insurance that insures the bank for repayment of the home mortgage. Banks generally make you pay for PMI insurance if you are within 80% of the appraised value of the home financed. For example if you have a home that is appraised at $200,000 and the balance on the mortgage is $160,000 or more then the bank will require you to carry PMI insurance. PMI insurance only covers the bank but the homeowner is the one who has to pay the premium.
PMI only covers the Mortgage company or Lender. When PMI pays on a defaulted mortgage note, the buyer then owes the balance of the mortgage to the PMI company. It does not relieve the buyer of the obligation to pay.
Yes, you should pay off you house mortgage because otherwise, you do not truly own your house.
PMI has absolutely nothing to do with the death of a home owner. There is no benefit to the PMI in this situation. A Mortgage Life Insurance policy would be of great benefit as it would pay off the mortgage on the house at the death of the homeowner.
PMI is a policy a homeowner is required to carry until they have paid off a full 20% of the principal on their loan. Then the PMI can be dropped. Usually, the fee for it is divided into 12 yearly installments, with the monthly payment being built into your mortgage payment. PMI is protection for the bank against you defaulting on your loan. If you do, the bank gets their money back through the PMI policy.
Yes you will.
this is possible Most of my clients are never put into PMI Pmi is usually placed on with a loan when the purchaser is putting down a very small amount of money PMI is a old loan technique not used very much at all now. So if your question is in regards to PMI I would not expect you to have to pay PMI on a refi. I have plenty of lenders who will not ask for PMI and I avoid it for my clients very easily If you have any more questions give me an e-mail at nora@chapter13refinancing.com
PMI is a type of mortgage insurance that insures the bank for repayment of the home mortgage. Banks generally make you pay for PMI insurance if you are within 80% of the appraised value of the home financed. For example if you have a home that is appraised at $200,000 and the balance on the mortgage is $160,000 or more then the bank will require you to carry PMI insurance. PMI insurance only covers the bank but the homeowner is the one who has to pay the premium.
you can put 20% down and usually not have to pay p.m.i.
PMI only covers the Mortgage company or Lender. When PMI pays on a defaulted mortgage note, the buyer then owes the balance of the mortgage to the PMI company. It does not relieve the buyer of the obligation to pay.
Yes, you should pay off you house mortgage because otherwise, you do not truly own your house.
Depends on your home and the condition it's in.
Most FHA loans will require a PMI (private mortgage insurance) It will depend on the area from which you get the loan as to what percent you will have to pay upfront or how much to get.
You PMI is an insurance policy that you purchase to protect the bank or mortgage company against the loss of you being foreclosed on. Generally, once you get to the point where you owe 80% or less than the value of the property financed, you will no longer be required to pay for PMI. You will have to question this with your bank continuously as they will not automatically remove this coverage. PMI helps you in absolutely no way possible. If you are foreclosed upon and your home is taken, the PMI company will pay the bank for their losses, take your home, then sue you for their losses. Get out of this asap.
In general, the private mortgage insurance (PMI) threshold is based on the value of the house at the time that the mortgage is written. You can request to cancel PMI if you pay down the mortgage to 80% or less of the original appraisal value or the original purchase price, whichever is less. The law does not require lenders to consider later appraisals, but some may be willing to do so.