Your Name:
Your Email Address:
To: (Email)
Subject:
Message:
Email Preview:

Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

FAQ #6 .........At What Point Can I Get Rid Of The PMI Or MI?
My fifth blog for the ActiveRain contest that Anna 'Banana' Kruchten established in which we are to respond to the 10 most frequently asked questions that we are asked, was about a topic that actually is the source of at least a couple of Frequently Asked Questions.  So in the fifth blog I answered the question "PMI/MI Why Do I Have To Pay It?" So in this sixth FAQ blog I will answer the question that normally follows:
"FAQ #6 ......... At What Point Can I Get Rid Of The PMI Or MI?"
I can't blame Borrowers for wanting to know when they can get rid of PMI or MI after seeing what it is costing them each month, it is easy to see why they would want to eliminate PMI/MI as quickly as possible.  On a Conventional Mortgage if the Borrower makes the minimal downpayment of 5%, they can expect to see a PMI payment of about $78 dollars per month for each $100,000 they borrow.  On a FHA Mortgage if the Borrower puts down the minimal downpayment of 3.5% their MI payment will be $102.58 each month per $100,000.
Private Mortgage Insurance (PMI):  On Conventional Mortgages can be eliminated ... more

__________________________________________________
Are you on The Rain? Grow Your Network!




Spam prevention