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Mortgage Professor about Private Mortgage Insurance: 
Canceling Private Mortgage Insurance (1)
November 6, 2000 "Is it true that if my house appreciates to where I have 20% equity, I can have my mortgage insurance cancelled?" "My lender refuses to cancel my mortgage insurance because [Fill in the blank with any of a dozen reasons]. Is this legitimate ... more...

Canceling Private Mortgage Insurance (2)
January 22, 2001 "I was told that under Federal legislation passed in 1999, private mortgage insurance is cancelled automatically at some point -- borrowers don?t have to do anything. Is that right." Yes. Under one provision of that law, lenders are required to ... more...

Private Mortgage Insurance related definitions

Private Mortgage Insurance, PMI
Private Mortgage Insurance, PMI Loans with an LTV over 80% may require Private Mortgage Insurance (in some cases 75% or 70% when refinancing). If you do not have a 20 percent down payment, lenders will allow a smaller down payment. With the smaller down payment loans, however ... more...

Mortgage Broker
Mortgage Broker A company or a qualified person that obtains mortgages for borrowers by finding lending institutions, insurance companies or private sources to lend the money. If a person, mortgage broker called a loan officer. A mortgage broker works for you, not for the ... more...

More about Private Mortgage Insurance

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Buying A Home With No Money Down or Bad Credit - PMI Can Make It Easier
Private mortgage insurance is an excellent method for homebuyers who have trouble saving money, are short on money, or have bad credit, to get into a home now. Private mortgage insurance is provided by a third party to protect the lender in the mortgage contract. This allows you to purchase a ... more...

Private Mortgage Insurance Your Rights and Responsibilities
An often overlooked cost of buying a new home is private mortgage insurance, usually simply called PMI. The basic idea behind PMI is simple. When a home buyer buys a house with less than 20% of the homes value as a down payment, the mortgage lender assumes a larger risk. In most cases, the lender ... more...

What to Know About Refinancing - Eliminate Private Mortgage Insurance
The home buying process varies. In some instances, new homeowners are able to complete the loan process and move into their new home within a few weeks. On the other hand, it may take several weeks to close on the loan. Individuals who purchase a new home are also required to pay certain fees. ... more...

The Evils of Private Mortgage Insurance (PMI)
Private Mortgage Insurance (PMI) is an insurance policy that you pay for that could help you finance your home if you have not saved enoguh for your down payment. This much is true; however, Private Mortgage Insurance does nothing more for you the homeowner, except drain your wallet. First, the ... more...

Ending Your Private Mortgage Insurance Early
Private mortgage insurance, or PMI, is the safety net of the lender. PMI benefits lenders because it guarantees payment on the balance of loans not covered by the sale of foreclosed properties.If a borrower makes a down payment of 20% of the cost of the home, the lender can generally trust that he ... more...

100% Mortgage Financing A Way to Avoid Private Mortgage Insurance
Ideally, traditional mortgage lenders want new homebuyers to have a 20% down payment when purchasing a new home. Thus, if purchasing a $200,000 home, you should be prepared to have $40,000 as a down payment.Unfortunately, many people do not have this kind of money lying around. For this ... more...

Mortgage 101: First Time Home Buyers Must Read!
There is so much information available to the first time home buyer both on and offline; there really is no excuse for the home buyer to not be educated when going into the mortgage buying process. However, it can be difficult to gather all the mortgage facts and terms into one easy to understand, ... more...

Mortgage Glossary - A Glossary of Mortgage Terms You Should Know
Acceleration Clause A clause in a mortgage defining that the entire outstanding balance can become due and payable should mortgage default occur. If the entire balance is not paid, the property will be foreclosed.Adjustable Rate Mortgage (ARM) Mortgage with interest rates that may be adjusted by ... more...

Expense List for Buying a Home
There are many expenses that come with buying a home. The following list is a good example of what to expect:Down payment - A minimum of 20% of the homes purchase price is usually required for the best loan terms and to avoid paying private mortgage insurance (see below), but its entirely possible ... more...

Home Equity - Let the Market Eliminate Your Private Mortgage Insurance
In decades past, most people who were interested in obtaining a home loan were required to put down at least 20% of the purchase price. Those days are gone, and as home prices have risen faster than incomes, the average down payment required by lenders has dropped. In fact, it is often possible ... more...

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