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Posted on 1/22/16 at 10:04 pm to warau
From reading the IRS site, a small proportion is...but I cannot find how much.
ETA: Is PMI based on the loan of the mortgage, the appraisal, or the purchase price? I did put 5% down at closing, so will this count as part of the 20% equity needed?
ETA: Is PMI based on the loan of the mortgage, the appraisal, or the purchase price? I did put 5% down at closing, so will this count as part of the 20% equity needed?
This post was edited on 1/22/16 at 11:08 pm
Posted on 1/23/16 at 11:18 am to rpg37
I knew of a guy that had a 1500 pmi note monthly. His pmi was almost double my entire house note at the time.
Posted on 1/23/16 at 12:16 pm to Flashback
quote:
I knew of a guy that had a 1500 pmi note monthly.
He bought a multi-million dollar home with no money down?
Posted on 1/23/16 at 5:06 pm to Old Sarge
My PMI is $250 a month and it is the purchase price of the house vs what you owe not the appraised value of the house to get down to 20%.
Posted on 1/23/16 at 6:41 pm to Rize
Incorrect. Automatic PMI cancellation at 78% LTV is based on the original value, not purchase price. Typically, most banks require you to carry the PMI for 2 years and then auto cancellation kicks in, if you had equity from the beginning aka got a great a appraisal.
If your home appraised for the purchase price, after 2 years of PMI, you can request the PMI to be removed based on a new appraisal. This could be due to accelerated pay or renovations for higher value that would put your LTV to 80% or better.
If your home appraised for the purchase price, after 2 years of PMI, you can request the PMI to be removed based on a new appraisal. This could be due to accelerated pay or renovations for higher value that would put your LTV to 80% or better.
Posted on 1/24/16 at 7:19 am to SomethingLikeA
PMI on newer FHA loans like OP has are now for life of loan. He'll have to refinance to remove the PMI.
Conventional is different but irrelevant for the OP
Conventional is different but irrelevant for the OP
Posted on 1/24/16 at 10:21 pm to SomethingLikeA
I tried doing that but Wells Fargo said no. House appraises for $315,000 based on comps(haven't paid to get an actual appraisal) and owe 243,000. Upgrades were $3000 worth of fence and $1100 on tile for back porch, they said those upgrades did not qualify. Paid $267,000 for the house and did $9000 in cash upgrades because builder requested all upgrades in cash.
This post was edited on 1/24/16 at 10:24 pm
Posted on 1/24/16 at 11:26 pm to Rize
WF said no to what? They are required to take it off at 78%...
Posted on 1/26/16 at 9:03 pm to rpg37
quote:
WF said no to what? They are required to take it off at 78%...
My loan is with Wells Fargo as well. They will not remove PMI unless you've made improvements to the property (even if an appraisal gets you to 20% equity). Based on the previous post not all improvements qualify.
I purchased my home in Uptown New Orleans in 2010 and it has significantly increased in value since then. Wells Fargo will not remove the PMI because I've made no improvements.
This post was edited on 1/27/16 at 12:40 pm
Posted on 1/26/16 at 9:56 pm to rpg37
I guess I will just ask my PMI question in this thread. Conventional loan at 3.75% and I'm throwing away $87/month at PMI. I've got about $16,000 left of principal to pay off to get to 78% LTV.
This may be a dumb question, but could I take out a 2nd loan to immediately pay off the PMI? If so, can someone explain how to crunch the numbers to see about how much I could save, if any? TIA.
This may be a dumb question, but could I take out a 2nd loan to immediately pay off the PMI? If so, can someone explain how to crunch the numbers to see about how much I could save, if any? TIA.
Posted on 1/27/16 at 12:25 pm to PhiTiger1764
Would it not just be directly tied into what the interest rate of the loan is?
Posted on 1/27/16 at 1:34 pm to rpg37
quote:
directly tied into what the interest rate of the loan is?
Yes. I don't know what kind of interest rate I would be able to get on a 2nd loan. I'm trying to wrap my head around it all but my thought process is that if the 2nd loan interest payments per month are less than my current PMI ($87/month) then I come out ahead? Am I oversimplifying things or is this correct?
ETA: I suppose I should consider that PMI is tax deductible as well...
I am also pretty ignorant to how other types of loans work, as I've never had one other than my mortgage. Would payments on a 2nd loan for, say $16,000 over 5 years, be heavily interest at first and more principal later? Or would each month payment be the same principal and interest?
This post was edited on 1/27/16 at 1:51 pm
Posted on 1/27/16 at 10:03 pm to PhiTiger1764
How much do you currently owe and what is your appraised value(to your knowledge?)
I would call your servicer first and ask them if you are eligible for PMI removal via a new appraisal or if a heloc would disqualify you.
There's the chance you could do the HELOC and they do a title update and see another lien on the property. They may not remove it in that case.
I would call your servicer first and ask them if you are eligible for PMI removal via a new appraisal or if a heloc would disqualify you.
There's the chance you could do the HELOC and they do a title update and see another lien on the property. They may not remove it in that case.
Posted on 1/28/16 at 8:48 am to Amory Blaine
Bought my house in July 2012, purchase price of $213k, discounts brought it down to $205k, appraised for $218k, put down about 12%.
Mortgage holder is Wells Fargo, got appraisal done through them in September 2014 (costs $400) to remove PMI, house needed to appraise for at least $226k, appraised for $240k. PMI removed about 2 yrs early and saved me about $2k.
Mortgage holder is Wells Fargo, got appraisal done through them in September 2014 (costs $400) to remove PMI, house needed to appraise for at least $226k, appraised for $240k. PMI removed about 2 yrs early and saved me about $2k.
Posted on 1/28/16 at 8:02 pm to LSUSUPERSTAR
quote:
Bought my house in July 2012, purchase price of $213k, discounts brought it down to $205k, appraised for $218k, put down about 12%.
Mortgage holder is Wells Fargo, got appraisal done through them in September 2014 (costs $400) to remove PMI, house needed to appraise for at least $226k, appraised for $240k. PMI removed about 2 yrs early and saved me about $2k.
Did you make improvements to the property? I was told I could not remove PMI with a new appraisal with no improvements.
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