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PMI question
Posted on 4/3/16 at 6:31 pm
Posted on 4/3/16 at 6:31 pm
I moved to Oxford last summer and wanted to buy immediately. I have two roommates who pay $400 each of the $900 mortgage. The extra cash flow goes straight into my mortgage payment (about $600 monthly) to pay off the principal. I am racing to eliminate the PMI payment of $99/month. I was reading a few sites and they mentioned PMI may not automatically be cancelled after reaching 78%. I have a conventional loan, and was wondering if this was true - can my lender, Regions Bank - deny me taking it off? Sme sites mentioned there was a five year minimum and some said it may never go away.
Also, I have a second mortgage, how does the second mortgage affect the equity of the house or situation?
Also, I have a second mortgage, how does the second mortgage affect the equity of the house or situation?
4
Posted on 4/3/16 at 7:54 pm to rpg37
Call regions
Posted on 4/4/16 at 8:47 am to rpg37
PMI usually auto cancels at 78%, but the borrower can request it be terminated at 80%.
All depends who your loan's investor is. Do you know who that is?
All depends who your loan's investor is. Do you know who that is?
This post was edited on 4/4/16 at 8:52 am
Posted on 4/4/16 at 9:16 am to rpg37
quote:
I was reading a few sites and they mentioned PMI may not automatically be cancelled after reaching 78%
Do you have a conventional mortgage? If so, by law it has to be removed
Requested at 80% auto at 78%
Posted on 4/4/16 at 9:29 am to rpg37
most PMI has a 2yr min before you can drop it. Also the second mortgage doesn't hurt you . Call regions and have it dropped
Posted on 4/4/16 at 9:35 am to hawkeye007
quote:
Call regions and have it dropped
FYI, OP will need to submit a written request for removal (if his loan allows for it), not a verbal request.
Posted on 4/4/16 at 12:26 pm to hawkeye007
quote:
most PMI has a 2yr min before you can drop it.
That is if you base your loan on the home's current value.
According to MGIC LINK, when using original value for LTV, there is no minimum seasoning requirement for Freddie Mac/FNMA backed loans
Posted on 4/4/16 at 3:02 pm to GenesChin
24 month seasoning is required for borrower requested removal (80%) but not for auto termination (78%), but can but avoided altogether is improvements have been made to the property.
Regardless, a BPO/appraisal will likely be required (again, dependent on your loan's investor)
Regardless, a BPO/appraisal will likely be required (again, dependent on your loan's investor)
Posted on 4/4/16 at 3:45 pm to fillmoregandt
quote:
24 month seasoning is required for borrower requested removal
This is a lender policy. FNMA has in their MI cancellation guidelines steps for cancelling pre 24 months
FNMA has a good payment history requirement which talks about a 24 month period, but it does give a way around it. There is no reason for a lender to try and get around it though
This post was edited on 4/4/16 at 3:51 pm
Posted on 4/10/16 at 5:12 am to GenesChin
My house has increased in value since I opened my loan. Can I request an appraisal and base the 78% based on the current value of the home?
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