OT: PMI Insurance

[big red22]

Anyone have the specific information about the percentage drop 1.35% to 0.85%? Is it only for new purchases and refinances, or will it also drop for my wife and I who refinanced in October of last year?

That would let us pay $700 more to the principle for the year with out having to increase our monthly payment. I'd like that a lot, but not sure on the details?

 

[schuele]

None of my business, obviously, but do you have enough equity to refinance your way out of PMI? Then you don't have to worry about what the rate is.

 

[big red22]

None of my business, obviously, but do you have enough equity to refinance your way out of PMI? Then you don't have to worry about what the rate is.

No, we bought at the peek in 2006. We are saving for 20% down on a new home. Well that is at least our plan as of now. We were upside down for some time, currently at 92%

For the time being we just want out of our newly wed mistake of a first home

Edit: Also want to note that the extra $700 will get us to that 80% mark a lot quicker too

 

[GretnaShawn]

No, we bought at the peek in 2006. We are saving for 20% down on a new home. Well that is at least our plan as of now. We were upside down for some time, currently at 92%

For the time being we just want out of our newly wed mistake of a first home

Edit: Also want to note that the extra $700 will get us to that 80% mark a lot quicker too

I am not 100% sure on how this would work with a home you already own, but when my wife and I bought our first home we did not have 20%. So we took out a 80/10/10 loan (80% mortgage, 10% down, 10% second mortgage). This had us avoid PMI. I am not sure if you can do that when you currently own the home.

 

[SnohomishRed]

Anyone have the specific information about the percentage drop 1.35% to 0.85%? Is it only for new purchases and refinances, or will it also drop for my wife and I who refinanced in October of last year?

That would let us pay $700 more to the principle for the year with out having to increase our monthly payment. I'd like that a lot, but not sure on the details?

The drop of 1.35% to .85% was not PMI related it was related in regards to MIP on FHA loans

However based in the original loan date FHA allows for streamline refinances to significantly reduce the MIP - If you refinanced last year you should have received this special program coverage at that time.

If in fact you already refinanced into a conventional loan then unless your value has increased substantially you are stuck with MI for now unless as someone else pointed you do a first/second combo to keep the first mortgage at 80% or below

Good luck