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| I am considering a PMI because I am getting a new house int he first of 10 phases in a new development. These houses are going up anywhere from $8,000 to $15,000 per phase. By the time my house is complete they will be in about the 5th or 6th phase and prices will have increased to approximately the price value of my PMI. I know I can refinance within 4 to 6 months and get rid of the PMI all together. My question is. How is the cost of PMI figured. I know you're equity must increase by 20 to 23% to get ride of it, but how is the PMI payment figured and how can I figure out how must the PMI payment will be. |
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| https://www.e-pmi.com/pmib/MIOrigination/RateQuote.html |
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| This will give you also a somewhat idea of PMI rates.
80% -85% LTV : 0.32
85% - 90% LTV: 0.52
90% - 95% LTV: 0.78
95%-100%LTV: 0.98
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| Why go with PMI when you can go 80/20? |
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| What is the calculation (math) to figure the monthly MI amount, assuming a yearly MI factor of 0.59 on $180,000 loan amount with 20% coverage? Thanks! |
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| often times you don't even have to refinance to get rid of PMI, if you already have the low rate and just want to get Rid of PMI you can just get an appraisal done to prove the value of the home and wham the banks have to quit charing you your PMI payment. |
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Posts: 2
| Hi, I am planning to take a home mortage out and it is so confusing when you talk to different brokers , it almost seems that they get us in one way or the other like PMI, points, mortgage rate, even .25% would make a huge difference on the mortgage payment over the years. Can anybody suggest what things to look out when talking to a banker/broker. Please suggest some good sites or good banks to go to if you had any prior experiene. Thank you....... |
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Posts: 6
| Appraisal is the best and easiest way to go. And you don't want to pay someone to appraise it do what I did. Have someone from the county court house come and appraise it. They have to keep all the records of what houses are worth and what not. They come and do the appraisial for free and give you a report. |
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Posts: 6
Location: Chillicothe, Ohio | Nick the thread is 4 years old lol |
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PMI rates
