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How to understand the private mortgage insurance

How to understand the private mortgage insurance - Home buyers need to pay private mortgage insurance (PMI) to the creditor when the down payment amount is less than 80 percent of the value of the house. The idea of ​​PMI is home buyers who must lay at least 80 percent of the value of the house is likely to default on the loan. Here is the information that will help you understand private mortgage insurance claims and payments.

Determine whether or not you will have to pay PMI after buying a house.
Home values ​​are based on the appraised value at the time of purchase. In the unlikely event that the house sold for more than the appraised value, the lower the purchase price is used as the value of the house.
If the amount you put down less than 20 percent of the value of the home, you will be required to pay PMI. For example, if you pay $ 10,000 up front on the house, which is priced at $ 200,000, you have to pay PMI.

Weigh the pros and cons of having to pay a smaller initial payment to pay PMI. For example, putting less down may allow you to buy a home before buying more expensive homes and / or put more money into improvements. You should know that the alleged payment PMI is to help you make the best decision. This is usually the $ 50 to $ 100 per month.

PMI make payments on a monthly basis as part of your mortgage payment. PMI is not usually treated as a single payment to your lender.

PMI cancellation request once the outstanding balance of the mortgage is less than 80 percent of the original value of the house.

Expect that the lender automatically terminate PMI payments in accordance with federal law, in the following two situations:
Enough money has been applied to the main reason for the loan amount to 78 percent of the home’s value (or 77 percent of the home’s value for risky loans).
You have reached the middle of your repayment schedule. For example, a 30-year loan, your PMI will be removed after 180 of 360 payments.


If your home value increases to such an extent that your mortgage balance is less than 80 percent, you can contact a lender to see if they eliminate PMI. They are required by law to terminate it, however, and you will need to provide proof of a higher price of the house.


For mortgages secured through until July 29, 1999, the landlord must request the cancellation of PMI payments, it will not be terminated automatically.
In the early years of a mortgage, very little is used for the core, so that it can take 10 years or longer before PMI is automatically canceled.
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