PMI
PMI, or private mortgage insurance, reimburses lenders for the balance above 80 percent of the mortgage, if a home becomes a foreclosure. If you didn’t put down 20 percent in cash on your home, you’re probably paying private mortgage insurance. Learn more here about PMI — who needs it, what it does and how to use it.
Posted on December 15th, 2012 by
Ilyce Glink and Samuel Tamkin
When retiring with a mortgageA MortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. is a document granting a lienA Lien is an encumbrance against the property, which may be voluntary or involuntary. There are many different kinds of liens, including a tax lien (for unpaid federal, state, or real estate taxes), a judgment lien (for monetary judgments by a court of law), a mortgage lien (when you take out a mortgage), and a mechanic's lien (for work done by a contractor on the property that has not been paid for). For a lien to be attached to the property's title, it must usually be filed or recorded with a local county government office. on a home in exchange for financing granted by a lenderA Lender is a person, company, corporation, or entity that lends money for the purchase of real estate.. The mortgage is the means by which the lender secures the loanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds.. and has the ability to …
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Posted on June 12th, 2012 by
Ilyce Glink and Samuel Tamkin
If you want to refinance an underwater mortgageA MortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. is a document granting a lienA Lien is an encumbrance against the property, which may be voluntary or involuntary. There are many different kinds of liens, including a tax lien (for unpaid federal, state, or real estate taxes), a judgment lien (for monetary judgments by a court of law), a mortgage lien (when you take out a mortgage), and a mechanic's lien (for work done by a contractor on the property that has not been paid for). For a lien to be attached to the property's title, it must usually be filed or recorded with a local county government office. on a home in exchange for financing granted by a lenderA Lender is a person, company, corporation, or entity that lends money for the purchase of real estate.. The mortgage is the means by which the lender secures the loanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds.. and has …
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Posted on January 6th, 2012 by
Ilyce Glink and Samuel Tamkin
Getting rid of PMI on investment real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. property can be nearly impossible with declining real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. values. Q: We bought an investment property for $76,000 …
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Posted on January 5th, 2012 by
Ilyce Glink and Samuel Tamkin
When loanA LoanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds.. is an amount of money that is lent to a borrower, who agrees to repay it plus interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage …
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Posted on November 4th, 2011 by
Ilyce Glink and Samuel Tamkin
Q: I just heard Ilyce on the radio talking to a listener about a house he was purchasing from his parents. She said that he would have to pay private mortgageA MortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. is a document granting a lienA Lien is an encumbrance against the property, which may be voluntary or involuntary. There are many different kinds of liens, including a tax lien (for unpaid federal, state, or real estate taxes), a judgment lien (for monetary judgments by a court of law), a mortgage lien (when you take out a mortgage), and a mechanic's lien (for work done by a contractor on the property that has not been paid for). For a lien to be attached to the property's title, it must usually be filed or recorded with a local county government office. on a …
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Posted on January 19th, 2009 by
Ilyce R. Glink
Sometimes new home buyers do not have 20 percent of the purchase price for the down payment. First time home buyers often have to pay for private mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. insurance (PMI). A piggy back loanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds.. can help first time home buyers or anyone who is short of cash for a down payment.
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Posted on February 22nd, 2008 by
Ilyce R. Glink
A couple wants to buy a foreclosed home but is unsure about how PMI figures in. PMI, or private mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. insurance, reimburses lenders for the balance above 80 percent of the mortgage, if a home becomes a foreclosureForeclosure is the legal action taken to extinguish a home owner's right and interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds. in a property, so that the property can be sold in a foreclosure sale to satisfy a debt..
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Posted on June 17th, 2006 by
Ilyce R. Glink
With an investment property, as with most other kinds of property, you must pay for PMI (private mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. insurance) when you don’t make a large down payment or have a lot of equityYour share of ownership in a company. Stockholders are often referred to as equity investors, because they invest in the equity of a company.
in the property. The rules rules regarding PMI differ between owner occupied property and investment property. With an investment property, your best bet is to pay the mortgage down to 20 percent then cancel your PMI.
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Posted in PMI
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Tagged real estate advice
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Posted on August 26th, 2005 by
Ilyce R. Glink
A home buyer received a good faith estimate including an estimated amount for the private mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. insurance. At the closing, the PMI amount was different. By choosing a different type of loanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds.. or increasing your loan amount, they could have affected the amount of the monthly PMI payment. However, the home buyer could have avoided PMI all together with an 80/10/10 loan.
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Posted on February 4th, 2005 by
Ilyce R. Glink
A homeowner is having difficulty finding out why her PMI is so much more than was stated in the original good faith estimate. The homeowner should file a complaint and use a real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. attorneyA Real Estate Attorney is an attorney who specializes in the purchase and sale of real estate. in the future to avoid problems with bad lenders.
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Posted in PMI
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Tagged lawyer
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