Mortgage Loans: Lose Your Private Mortgage Insurance

If you are a homeowner that was required to purchase Private Mortgage Insurance as a condition of approval on your loan, you are not required to carry this insurance forever. There are steps you can take and laws to protect you from paying too much for this useless insurance. Here is what you need to know about your Private Mortgage Insurance.

Homeowners that purchase homes with less than twenty percent down may be required to purchase Private Mortgage Insurance. This insurance protects the mortgage lender from certain losses in the event of foreclosure. Private Mortgage Insurance does absolutely nothing for the homeowner except drive up their monthly mortgage payment. Fortunately, the Homeowners Protection Act of 1988 protects homeowners from the abuses of Private Mortgage Insurance by establishing rules lenders are required to follow regarding cancellation of these polices. If you have a VA or FHA mortgage however, this law does not apply to you.

If you were required to purchase Private Mortgage Insurance after July 29th of 1999, your insurance will be terminated when you have 22% equity in your home. This 22% is based on the original appraised value of your home with the condition that all of your mortgage payments must be current. You do not have to wait until you have 22% equity; you can request that your policy be cancelled when you have 20% equity if your mortgage payments are current.

Private Mortgage insurance is expensive; it is in your best interest to make all of your mortgage payments on time so your policy can be cancelled early. To learn more about saving money on your mortgage and avoiding common homeowner mistakes, register for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free guidebook today at: http://www.refiadvisor.com

Private Mortgage Insurance

Word Count :276

Related autors:
Glenn Keller
Louie Latour
Jake Nathan

Related categories:
Fha Mortgage
Fha Loans
Bad Credit Loan Mortgage

Submit Article to Directory

RSS Feeds Directory

News:

SourceMedia Launches Mortgage University, an Online Suite of Professional Education Courses for Mortgage Brokers and ... (SYS-CON Media)
Adding to its extensive line of mortgagepublications, websites, database products, and proprietary research for themortgage market, SourceMedia's Mortgage Group, publisher of NationalMortgage News and BrokerUniverse, announced today the launch of MortgageUniversity, an array of correspondence and online courses designed tofulfill the professional education and compliance needs of ...
SourceMedia Launches Mortgage University, an Online Suite of Professional Education Courses for Mortgage Brokers and ... (Market Wire via Yahoo! Finance)
Adding to its extensive line of mortgage publications, websites, database products, and proprietary research for the mortgage market, SourceMedia's Mortgage Group, publisher of National Mortgage News and BrokerUniverse, announced today the launch of Mortgage University, an array of correspondence and online courses designed to fulfill the professional education and compliance needs of mortgage ...
Two views of foreclosure (The Pueblo Chieftain)
Lawmakers hear about state's woes DENVER - With Colorado’s foreclosures skyrocketing, Tayler and Justin Richardson testified this week how their interest rate doubled in the six years they’ve had their loan, giving lawmakers a glimpse into how lending practices could put homeowners in trouble. After trying to get a written statement of the terms of their loan after it was ‘‘recast’’ with ...

Go Back