How shall we buy our first house?

[Scarlett]

If the prices DROP and after 7 years your house is worth than the loan, would the PMI be removed according to plan, or not?

[scaredyclassic]

I value ghe door notching at 125/year. No make it 75.00.

Still that adds up over a kids lifetime

shoot in 7 years I’ll be old. Closer to the grave.

875.00 worth of door notchings.

Nothing is priceless in this world.

I wasn’t even the same person 7 years ago.

[scaredyclassic]

I value ghe door notching at 125/year. No make it 75.00.

Still that adds up over a kids lifetime

shoot in 7 years I’ll be old. Closer to the grave.

875.00 worth of door notchings.

Nothing is priceless in this world.

I wasn’t even the same person 7 years ago.

[scaredyclassic]

I value ghe door notching at 125/year. No make it 75.00.

Still that adds up over a kids lifetime

shoot in 7 years I’ll be old. Closer to the grave.

875.00 worth of door notchings.

Nothing is priceless in this world.

I wasn’t even the same person 7 years ago.

[scaredyclassic]

I value ghe door notching at 125/year. No make it 75.00.

Still that adds up over a kids lifetime

shoot in 7 years I’ll be old. Closer to the grave.

875.00 worth of door notchings.

Nothing is priceless in this world.

I wasn’t even the same person 7 years ago.

[scaredyclassic]

I value ghe door notching at 125/year. No make it 75.00.

Still that adds up over a kids lifetime

shoot in 7 years I’ll be old. Closer to the grave.

875.00 worth of door notchings.

Nothing is priceless in this world.

I wasn’t even the same person 7 years ago.

[scaredyclassic]

Have I discussed one odd retirement scenario in which I pull a rickshaw? I read this article about this really old dude 80s or 90s in Vietnam who still rode a rickshaw for a living. This caused great shame andcannoyance to his kids. He was like eff you I’m pulling the effin rickshaw appearances be damned. Didn’t need the $. Kept him strong.

I actually own a real rickshaw.

[scaredyclassic]

Have I discussed one odd retirement scenario in which I pull a rickshaw? I read this article about this really old dude 80s or 90s in Vietnam who still rode a rickshaw for a living. This caused great shame andcannoyance to his kids. He was like eff you I’m pulling the effin rickshaw appearances be damned. Didn’t need the $. Kept him strong.

I actually own a real rickshaw.

[scaredyclassic]

Have I discussed one odd retirement scenario in which I pull a rickshaw? I read this article about this really old dude 80s or 90s in Vietnam who still rode a rickshaw for a living. This caused great shame andcannoyance to his kids. He was like eff you I’m pulling the effin rickshaw appearances be damned. Didn’t need the $. Kept him strong.

I actually own a real rickshaw.

[scaredyclassic]

Have I discussed one odd retirement scenario in which I pull a rickshaw? I read this article about this really old dude 80s or 90s in Vietnam who still rode a rickshaw for a living. This caused great shame andcannoyance to his kids. He was like eff you I’m pulling the effin rickshaw appearances be damned. Didn’t need the $. Kept him strong.

I actually own a real rickshaw.

[scaredyclassic]

Have I discussed one odd retirement scenario in which I pull a rickshaw? I read this article about this really old dude 80s or 90s in Vietnam who still rode a rickshaw for a living. This caused great shame andcannoyance to his kids. He was like eff you I’m pulling the effin rickshaw appearances be damned. Didn’t need the $. Kept him strong.

I actually own a real rickshaw.

[(former)FormerSanDiegan]

[quote=Scarlett]If the prices DROP and after 7 years your house is worth than the loan, would the PMI be removed according to plan, or not?[/quote]

I believe so, unless superceded by recent changes in the law …

http://www.frbsf.org/publications/consumer/pmi.html

Under HPA, you have the right to request cancellation of PMI when you pay down your mortgage to the point that it equals 80 percent of the original purchase price or appraised value of your home at the time the loan was obtained, whichever is less. You also need a good payment history, meaning that you have not been 30 days late with your mortgage payment within a year of your request, or 60 days late within two years. Your lender may require evidence that the value of the property has not declined below its original value and that the property does not have a second mortgage, such as a home equity loan.

Automatic Termination

Under HPA, mortgage lenders or servicers must automatically cancel PMI coverage on most loans, once you pay down your mortgage to 78 percent of the value if you are current on your loan. If the loan is delinquent on the date of automatic termination, the lender must terminate the coverage as soon thereafter as the loan becomes current. Lenders must terminate the coverage within 30 days of cancellation or the automatic termination date, and are not permitted to require PMI premiums after this date. Any unearned premiums must be returned to you within 45 days of the cancellation or termination date.

[(former)FormerSanDiegan]

[quote=Scarlett]If the prices DROP and after 7 years your house is worth than the loan, would the PMI be removed according to plan, or not?[/quote]

I believe so, unless superceded by recent changes in the law …

http://www.frbsf.org/publications/consumer/pmi.html

Under HPA, you have the right to request cancellation of PMI when you pay down your mortgage to the point that it equals 80 percent of the original purchase price or appraised value of your home at the time the loan was obtained, whichever is less. You also need a good payment history, meaning that you have not been 30 days late with your mortgage payment within a year of your request, or 60 days late within two years. Your lender may require evidence that the value of the property has not declined below its original value and that the property does not have a second mortgage, such as a home equity loan.

Automatic Termination

Under HPA, mortgage lenders or servicers must automatically cancel PMI coverage on most loans, once you pay down your mortgage to 78 percent of the value if you are current on your loan. If the loan is delinquent on the date of automatic termination, the lender must terminate the coverage as soon thereafter as the loan becomes current. Lenders must terminate the coverage within 30 days of cancellation or the automatic termination date, and are not permitted to require PMI premiums after this date. Any unearned premiums must be returned to you within 45 days of the cancellation or termination date.

[(former)FormerSanDiegan]

[quote=Scarlett]If the prices DROP and after 7 years your house is worth than the loan, would the PMI be removed according to plan, or not?[/quote]

I believe so, unless superceded by recent changes in the law …

http://www.frbsf.org/publications/consumer/pmi.html

Under HPA, you have the right to request cancellation of PMI when you pay down your mortgage to the point that it equals 80 percent of the original purchase price or appraised value of your home at the time the loan was obtained, whichever is less. You also need a good payment history, meaning that you have not been 30 days late with your mortgage payment within a year of your request, or 60 days late within two years. Your lender may require evidence that the value of the property has not declined below its original value and that the property does not have a second mortgage, such as a home equity loan.

Automatic Termination

Under HPA, mortgage lenders or servicers must automatically cancel PMI coverage on most loans, once you pay down your mortgage to 78 percent of the value if you are current on your loan. If the loan is delinquent on the date of automatic termination, the lender must terminate the coverage as soon thereafter as the loan becomes current. Lenders must terminate the coverage within 30 days of cancellation or the automatic termination date, and are not permitted to require PMI premiums after this date. Any unearned premiums must be returned to you within 45 days of the cancellation or termination date.

[(former)FormerSanDiegan]

[quote=Scarlett]If the prices DROP and after 7 years your house is worth than the loan, would the PMI be removed according to plan, or not?[/quote]

I believe so, unless superceded by recent changes in the law …

http://www.frbsf.org/publications/consumer/pmi.html

Under HPA, you have the right to request cancellation of PMI when you pay down your mortgage to the point that it equals 80 percent of the original purchase price or appraised value of your home at the time the loan was obtained, whichever is less. You also need a good payment history, meaning that you have not been 30 days late with your mortgage payment within a year of your request, or 60 days late within two years. Your lender may require evidence that the value of the property has not declined below its original value and that the property does not have a second mortgage, such as a home equity loan.

Automatic Termination

Under HPA, mortgage lenders or servicers must automatically cancel PMI coverage on most loans, once you pay down your mortgage to 78 percent of the value if you are current on your loan. If the loan is delinquent on the date of automatic termination, the lender must terminate the coverage as soon thereafter as the loan becomes current. Lenders must terminate the coverage within 30 days of cancellation or the automatic termination date, and are not permitted to require PMI premiums after this date. Any unearned premiums must be returned to you within 45 days of the cancellation or termination date.

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