dropping a PMI off of a mortgage-countrywide says no

[SDEngineer]

PMI is now tax deductible, up to an income limit of 100K (above 100K the deductible phases out, and is gone by 110K joint earnings). It is only effective currently for PMI from 2007 to 2010 (in other words, if you bought in 2005, PMI is not deductible unless you refi).

[IONEGARM]

Isnt PMI based on the current account balance? Once you hit below 78% original LTV you should be good regardless of current equity.

http://www.privatemi.com/loanoptions/benefits/guide.cfm

http://www.privatemi.com/loanoptions/benefits/cancelable.cfm

“Under federal law, PrivateMI on most loans originated on or after July 29, 1999, will terminate automatically once the mortgage has amortized to 78 percent of the original value of the house. The borrower must be current on all mortgage payments. The lender must tell the borrower at closing when the mortgage will hit that 78 percent mark. Nine out of ten borrowers cancel their PrivateMI within 60 months.”

[IONEGARM]

Isnt PMI based on the current account balance? Once you hit below 78% original LTV you should be good regardless of current equity.

http://www.privatemi.com/loanoptions/benefits/guide.cfm

http://www.privatemi.com/loanoptions/benefits/cancelable.cfm

“Under federal law, PrivateMI on most loans originated on or after July 29, 1999, will terminate automatically once the mortgage has amortized to 78 percent of the original value of the house. The borrower must be current on all mortgage payments. The lender must tell the borrower at closing when the mortgage will hit that 78 percent mark. Nine out of ten borrowers cancel their PrivateMI within 60 months.”

[IONEGARM]

Isnt PMI based on the current account balance? Once you hit below 78% original LTV you should be good regardless of current equity.

http://www.privatemi.com/loanoptions/benefits/guide.cfm

http://www.privatemi.com/loanoptions/benefits/cancelable.cfm

“Under federal law, PrivateMI on most loans originated on or after July 29, 1999, will terminate automatically once the mortgage has amortized to 78 percent of the original value of the house. The borrower must be current on all mortgage payments. The lender must tell the borrower at closing when the mortgage will hit that 78 percent mark. Nine out of ten borrowers cancel their PrivateMI within 60 months.”

[IONEGARM]

Isnt PMI based on the current account balance? Once you hit below 78% original LTV you should be good regardless of current equity.

http://www.privatemi.com/loanoptions/benefits/guide.cfm

http://www.privatemi.com/loanoptions/benefits/cancelable.cfm

“Under federal law, PrivateMI on most loans originated on or after July 29, 1999, will terminate automatically once the mortgage has amortized to 78 percent of the original value of the house. The borrower must be current on all mortgage payments. The lender must tell the borrower at closing when the mortgage will hit that 78 percent mark. Nine out of ten borrowers cancel their PrivateMI within 60 months.”

[IONEGARM]

Isnt PMI based on the current account balance? Once you hit below 78% original LTV you should be good regardless of current equity.

http://www.privatemi.com/loanoptions/benefits/guide.cfm

http://www.privatemi.com/loanoptions/benefits/cancelable.cfm

“Under federal law, PrivateMI on most loans originated on or after July 29, 1999, will terminate automatically once the mortgage has amortized to 78 percent of the original value of the house. The borrower must be current on all mortgage payments. The lender must tell the borrower at closing when the mortgage will hit that 78 percent mark. Nine out of ten borrowers cancel their PrivateMI within 60 months.”

[(former)FormerSanDiegan]

Since you took out the loan 2 years ago with less than 20% equity, and prices have decline since then, your absolute best option is A) to request to have it removed when you hit 8o% of the original LTV , noted in the link from IONEGARM above. For example, if it is a 30-year fixed at 90% LTV then it would would take 7-10 years to reach this point if paying no additional principal.

Option B) … If you have other assets or cash you could consider paying it down to about 80% of the home’s current value and refinancing. This would likely require a pile of cash, which you may not have because you chose a less than 20% down in the first place. The only reason I would choose plan B is if the rate on your loan is significantly higher than today’s rates.

[(former)FormerSanDiegan]

Since you took out the loan 2 years ago with less than 20% equity, and prices have decline since then, your absolute best option is A) to request to have it removed when you hit 8o% of the original LTV , noted in the link from IONEGARM above. For example, if it is a 30-year fixed at 90% LTV then it would would take 7-10 years to reach this point if paying no additional principal.

Option B) … If you have other assets or cash you could consider paying it down to about 80% of the home’s current value and refinancing. This would likely require a pile of cash, which you may not have because you chose a less than 20% down in the first place. The only reason I would choose plan B is if the rate on your loan is significantly higher than today’s rates.

[(former)FormerSanDiegan]

Since you took out the loan 2 years ago with less than 20% equity, and prices have decline since then, your absolute best option is A) to request to have it removed when you hit 8o% of the original LTV , noted in the link from IONEGARM above. For example, if it is a 30-year fixed at 90% LTV then it would would take 7-10 years to reach this point if paying no additional principal.

Option B) … If you have other assets or cash you could consider paying it down to about 80% of the home’s current value and refinancing. This would likely require a pile of cash, which you may not have because you chose a less than 20% down in the first place. The only reason I would choose plan B is if the rate on your loan is significantly higher than today’s rates.

[(former)FormerSanDiegan]

Since you took out the loan 2 years ago with less than 20% equity, and prices have decline since then, your absolute best option is A) to request to have it removed when you hit 8o% of the original LTV , noted in the link from IONEGARM above. For example, if it is a 30-year fixed at 90% LTV then it would would take 7-10 years to reach this point if paying no additional principal.

Option B) … If you have other assets or cash you could consider paying it down to about 80% of the home’s current value and refinancing. This would likely require a pile of cash, which you may not have because you chose a less than 20% down in the first place. The only reason I would choose plan B is if the rate on your loan is significantly higher than today’s rates.

[(former)FormerSanDiegan]

Since you took out the loan 2 years ago with less than 20% equity, and prices have decline since then, your absolute best option is A) to request to have it removed when you hit 8o% of the original LTV , noted in the link from IONEGARM above. For example, if it is a 30-year fixed at 90% LTV then it would would take 7-10 years to reach this point if paying no additional principal.

Option B) … If you have other assets or cash you could consider paying it down to about 80% of the home’s current value and refinancing. This would likely require a pile of cash, which you may not have because you chose a less than 20% down in the first place. The only reason I would choose plan B is if the rate on your loan is significantly higher than today’s rates.

[bobby]

here’s an idea. Fork over the $325 for the appraisal. If the house value is significantly lower than the loan, threaten to walk. They may actually reduce the loan or interest to the point where it offsets the PMI.
the other option is to buy another house then let the current one goes to foreclosure.

[bobby]

here’s an idea. Fork over the $325 for the appraisal. If the house value is significantly lower than the loan, threaten to walk. They may actually reduce the loan or interest to the point where it offsets the PMI.
the other option is to buy another house then let the current one goes to foreclosure.

[bobby]

here’s an idea. Fork over the $325 for the appraisal. If the house value is significantly lower than the loan, threaten to walk. They may actually reduce the loan or interest to the point where it offsets the PMI.
the other option is to buy another house then let the current one goes to foreclosure.

[bobby]

here’s an idea. Fork over the $325 for the appraisal. If the house value is significantly lower than the loan, threaten to walk. They may actually reduce the loan or interest to the point where it offsets the PMI.
the other option is to buy another house then let the current one goes to foreclosure.

[Author]

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