Can you help me understand PMI

soccer board

What do you need help understanding about?

If you owe less than 80 percent of current value they will cancel pmi unless it's a new fha loan

PMI is a fricking scam.

mortgage companies covering their arse in case things go south for buyer later on. just their way of getting more money each month for buyers that don't put 20% down.

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If you owe less than 80 percent of current value they will cancel pmi unless it's a new fha loan

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It's a traditional loan. Is it 80% from the 150 I purchased at or 80% from the appraised value?

pmi is for poor people who can't put 20% down

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Can you help me understand PMI

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It has to do with a woman's hormones around her "time of the month." It's difficult for men to understand.

I think it is based on loan amount or rather appraised amount at purchase. That is the contract amount with your lender not appraised value down the road. I got it back after selling a FHA house 4 yrs into loan.

144/182 = .7912

Looks like you should be good to go, chap.

If it is 20% of appraised value then it should have came off when you hit $145,600 but I believe it is 20% of the borrowed amount which would make it stop when you hit $120,000.