Comments on: How does a mortgage holder get out of PMI payments on their mortgage loan? http://www.writefinancial.com/29/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/ Articles all based around the subject of personal finance Tue, 27 Dec 2011 17:36:14 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: †Ask Me Anything† http://www.writefinancial.com/29/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/comment-page-1/#comment-561 †Ask Me Anything† Mon, 13 Jul 2009 19:18:08 +0000 http://www.writefinancial.com/renting-real-estate/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/#comment-561 You cannot. Unless you put 20% down There is no way in heck a lender in this day and age of mortgage debacles that is going to forego PMI. It would never make it past underwriting. You cannot.
Unless you put 20% down
There is no way in heck a lender in this day and age of mortgage debacles that is going to forego PMI.
It would never make it past underwriting.

]]> By: godged http://www.writefinancial.com/29/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/comment-page-1/#comment-560 godged Sun, 12 Jul 2009 07:34:33 +0000 http://www.writefinancial.com/renting-real-estate/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/#comment-560 Unless you bring 20% down to the table, you are paying PMI. Your credit score and arrogance does nothing here. Unless you bring 20% down to the table, you are paying PMI. Your credit score and arrogance does nothing here.

]]> By: Theandysullivan http://www.writefinancial.com/29/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/comment-page-1/#comment-559 Theandysullivan Sun, 12 Jul 2009 06:43:44 +0000 http://www.writefinancial.com/renting-real-estate/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/#comment-559 PMI is in place to protect the bank from the foreclosure process. Essentially your paying the bank upfront for the costs associated with foreclosure. By some calculation they figure you more likely wont go into foreclosure after 80% of your loan is paid. Either that or you have already paid enough. You could get PMI dropped by getting an up to date appraisal done on your home. If your home has appreciated in value (not likely) beyond the 20% of your loan you could negotiate getting the PMI dropped. Either that or put more money down on your loan. PMI is in place to protect the bank from the foreclosure process. Essentially your paying the bank upfront for the costs associated with foreclosure. By some calculation they figure you more likely wont go into foreclosure after 80% of your loan is paid. Either that or you have already paid enough.

You could get PMI dropped by getting an up to date appraisal done on your home. If your home has appreciated in value (not likely) beyond the 20% of your loan you could negotiate getting the PMI dropped. Either that or put more money down on your loan.

]]> By: Em C http://www.writefinancial.com/29/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/comment-page-1/#comment-558 Em C Thu, 09 Jul 2009 06:08:10 +0000 http://www.writefinancial.com/renting-real-estate/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/#comment-558 PMI protects the lender in case your loan goes into default. The only way to have it removed is when you owe less than 80% of your home's value. PMI protects the lender in case your loan goes into default. The only way to have it removed is when you owe less than 80% of your home’s value.

]]> By: civilcop611 http://www.writefinancial.com/29/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/comment-page-1/#comment-557 civilcop611 Mon, 06 Jul 2009 19:51:27 +0000 http://www.writefinancial.com/renting-real-estate/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/#comment-557 I had the same problem until I contacted a law firm because a real estate investor had told me there were predatory lender laws broken.... he helped me out and i even got a mortgage payment reduction. the paralegal that works for the attorney and runs you through this program smoothly, his name is pat i believe. 562 640 1057 is the number. and i believe they worked nationwide I had the same problem until I contacted a law firm because a real estate investor had told me there were predatory lender laws broken…. he helped me out and i even got a mortgage payment reduction.

the paralegal that works for the attorney and runs you through this program smoothly, his name is pat i believe.

562 640 1057 is the number. and i believe they worked nationwide

]]> By: hottotrot1_usa http://www.writefinancial.com/29/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/comment-page-1/#comment-556 hottotrot1_usa Sat, 04 Jul 2009 02:21:45 +0000 http://www.writefinancial.com/renting-real-estate/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/#comment-556 If you already have the mortgage, you could threaten to switch the loan to a different lender. If you are just getting the loan, negotiate. Tell them you won't accept a loan that has PMI. Anything can be negotiated. If you already have the mortgage, you could threaten to switch the loan to a different lender. If you are just getting the loan, negotiate. Tell them you won’t accept a loan that has PMI. Anything can be negotiated.

]]> By: AJ http://www.writefinancial.com/29/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/comment-page-1/#comment-555 AJ Wed, 01 Jul 2009 11:39:37 +0000 http://www.writefinancial.com/renting-real-estate/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/#comment-555 You can't get PMI waived. The only way not to have PMI added to your Mortgage is to put 20% down on the home. You can also get PMI removed once you pay down the principal of the mortgage to a point where there is 20% equity. You can’t get PMI waived. The only way not to have PMI added to your Mortgage is to put 20% down on the home. You can also get PMI removed once you pay down the principal of the mortgage to a point where there is 20% equity.

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