PMI Articles and Videos - Page 2

Some tips on how to avoid being caught in a scam when you file taxes this year.

After you've paid down a certain amount of your mortgage loan and have earned enough equity in your home you should be able to stop paying private mortgage insurance (PMI). To find out how to drop PMI, call your mortgage lender and ask about the process. Dropping PMI may or may not involve…

A homeowner wonders if they should refinance their 7 percent mortgage to eliminate the PMI. Ilyce does think they should try to refinance out of the PMI, but go for a no-cost mortgage. They should also consider changing the type of loan so that they can maximize your savings.

When you can't afford to put a 20 percent down payment on a home purchase you usually have to pay for private mortgage insurance (PMI). One alternative to PMI is to take out a second mortgage or home equity loan at the time that you buy the home. Watch out for variable or fixed rates on the home…

Private mortgage insurance (PMI) helps first-time buyers purchase a home without having saved the requisite 20 percent in cash for a down payment. However, consumers have complained that lenders are making it even more difficult to cancel PMI. If you are paying down the principal loan balance…

There are several indicators that help homeowners decide that it's the best time to refinance their mortgage. When interest rates drop low is one of the best times for homeowners to refinance their mortgage. Just because homeowners have bad credit doesn't mean they can't refinance their mortgage but…

By insuring the top 20 percent of the loan, private mortgage insurance allowed lenders to take a chance on home buyers who had as little as 3 percent to put down in cash on a home. However, private mortgage insurers started to get a bad name, in the past ten years, by charging more and more for…

When it comes to closing costs, home sellers usually get stuck. If home buyers choose a no-point, no-fee loan, they can eliminate most of their closing costs. On the other hand, sellers typically start by paying a broker's commission, and by the time they're done calculating the costs and fees, can…

Private mortgage insurance (PMI) is one of those necessary expenses if you plan to buy a home with less than 20 percent down in cash. But recent action by Congress may end the practice of letting PMI go on indefinitely, even after the equity on the loan has grown to more than 20 percent, unless the…