Advertisement
HomeCollectionsPmi
IN THE NEWS

Pmi

FEATURED ARTICLES
BUSINESS
February 6, 2005
Last year my wife and I refinanced my townhouse for $262,800. We are paying $135.78 each month for private mortgage insurance (PMI). Townhouses in the area are now selling for $350,000. I wrote my mortgage company about terminating the PMI because we had more than 20 percent equity in our home. We were willing to pay for an appraisal to substantiate the value. We thought we met all of the requirements outlined by the mortgage company. However, the company said we do not qualify because we have had this mortgage less than two years.
ARTICLES BY DATE
BUSINESS
By KENNETH HARNEY | October 23, 2005
Nobody likes to hear the bad news that he paid too much for his house. Or that their neighborhood is 20 percent overvalued and prone to downward adjustment. But a group of economists who are in the business of assessing financial risk have come up with a new statistical tool they say detects real estate price bloat. The new tool is called the Valuation Index, and it was released for the first time Tuesday by PMI Group of Walnut Creek, Calif., one of the largest insurers of home mortgages.
Advertisement
BUSINESS
By Kenneth R. Harney | November 23, 1997
The failure of Congress last week to pass reform legislation on one of the hottest consumer issues in real estate -- overpayment of private mortgage insurance (PMI) premiums by homeowners -- raises serious questions about whether legislative relief will be possible during 1998, a year in which the entire House is up for re-election.It also raises practical questions for millions of homeowners who already are paying PMI premiums, but may be unclear about how and under what conditions they can terminate their mortgage insurance policies.
BUSINESS
February 6, 2005
Last year my wife and I refinanced my townhouse for $262,800. We are paying $135.78 each month for private mortgage insurance (PMI). Townhouses in the area are now selling for $350,000. I wrote my mortgage company about terminating the PMI because we had more than 20 percent equity in our home. We were willing to pay for an appraisal to substantiate the value. We thought we met all of the requirements outlined by the mortgage company. However, the company said we do not qualify because we have had this mortgage less than two years.
BUSINESS
July 27, 1997
Earlier this year, Congress passed a law requiring lenders to notify homeowners when they have built up enough equity to cancel their private mortgage insurance (PMI). Now, there is a business that can help Maryland homeowners through the process.Mortgage Insurance Consultants will provide a homeowner with a market analysis and an appraisal and will submit all documents to the lender for a base fee of $395."That bill basically only applied to people currently getting mortgage insurance," said Barry Nabozby, a consultant to the company, which has opened an office in Pikesville.
BUSINESS
December 19, 1999
Dear Mr. Azrael:My brother bought a house last year for $80,000. It was a bank repossession and had had a fire.Although my brother put down less than 5 percent of the $80,000, it still appraised [after repairs] for $120,000, which is more than 20 percent equity in the home. Can he get out of his PMI (private mortgage insurance) without refinancing?Lillian Thompson, BaltimoreDear Ms. Thompson:For mortgage loans taken out or refinanced after July 29, 1999, a new federal law requires lenders to automatically terminate private mortgage insurance once the borrower has paid down the loan to the point it equals 78 percent of the original purchase price.
BUSINESS
May 13, 2001
Dear Mr. Azrael, I am currently in a dispute with my lender over private mortgage insurance (PMI). I purchased my townhouse in November 1998 and did so with nothing down and an 80 percent [loan-to-value] first mortgage and a 20 percent second mortgage. Only recently, when considering refinancing, was it brought to my attention that I have been paying PMI and no one can figure out why. I was under the impression that the whole reason for splitting a loan ... was to avoid PMI. I sent a letter requesting the PMI be dropped from future payments as well as a refund of previous payments.
BUSINESS
August 29, 1999
Several readers have been asking when they can cancel their private mortgage insurance.When a homebuyer's down payment is less than 20 percent of the purchase price, the lender often requires the homebuyer to purchase private mortgage insurance, or PMI. PMI protects the lender against a deficiency in case the borrower defaults and the home does not bring enough money at a foreclosure sale to pay the lender in full.PMI is expensive -- $25 to $65 a month on a $100,000 loan. The cost of PMI is added into the homebuyer's monthly mortgage payment.
BUSINESS
By KNIGHT RIDDER/TRIBUNE | March 7, 2004
If you made a down payment of less than 20 percent of your home's price when you got your mortgage, you're probably paying private mortgage insurance, or PMI. This insurance is meant to protect the lender in case you stop making payments. If your down payment is 20 percent or more, PMI is generally not charged because the lender has a better chance of selling the home in foreclosure for enough to pay off the remaining debt. PMI charges vary, but they typically are about 0.04 percent of the loan amount per month.
NEWS
May 8, 1991
KLR Publications, PMI Photography and several local businesses are sponsoring "PEOPLE & PLACES," a county photography contest for amateurs.Entries will be accepted through June 15.More than $1,000 in prizes will be awarded.Winning entries will also be considered for publication in the 1992 Howard County Calendar.For entry forms and contest rules, please send a self-addressed stamped envelope to: PEOPLE & PLACES, c/o PMI Photography, P.O. Box 297, Ellicott City, Md. 21043.Information: 461-1788.
BUSINESS
By KENNETH HARNEY | September 19, 2004
IT IS ONE of the key trade-offs for anyone who wants to buy a house but doesn't have much for a down payment: The lender will OK your mortgage application, but only if you agree to pay private mortgage insurance (PMI) premiums every month. But those premiums - currently paid by an estimated 5 million American homeowners - can add $50 to $150 a month to your mortgage bills and continue for close to a decade. Now one player in the mortgage insurance industry has begun giving buyers the option of nailing down a precise date in advance for canceling premium payments.
BUSINESS
By KNIGHT RIDDER/TRIBUNE | March 7, 2004
If you made a down payment of less than 20 percent of your home's price when you got your mortgage, you're probably paying private mortgage insurance, or PMI. This insurance is meant to protect the lender in case you stop making payments. If your down payment is 20 percent or more, PMI is generally not charged because the lender has a better chance of selling the home in foreclosure for enough to pay off the remaining debt. PMI charges vary, but they typically are about 0.04 percent of the loan amount per month.
BUSINESS
May 13, 2001
Dear Mr. Azrael, I am currently in a dispute with my lender over private mortgage insurance (PMI). I purchased my townhouse in November 1998 and did so with nothing down and an 80 percent [loan-to-value] first mortgage and a 20 percent second mortgage. Only recently, when considering refinancing, was it brought to my attention that I have been paying PMI and no one can figure out why. I was under the impression that the whole reason for splitting a loan ... was to avoid PMI. I sent a letter requesting the PMI be dropped from future payments as well as a refund of previous payments.
BUSINESS
By KENNETH HARNEY | December 3, 2000
When the new Congress finally gets down to business next year, it could be asked to intervene in a surprise issue that pits homeowners against the IRS: Should the private mortgage insurance premiums paid monthly by about 5 million homeowners be deductible on federal tax returns, just like mortgage interest? The answer could mean hundreds of dollars in tax savings per year to buyers and owners across the country. The IRS traditionally has prohibited write-offs of mortgage insurance premiums on federal tax filings.
BUSINESS
By KENNETH HARNEY | June 11, 2000
Second of two parts WHEN YOU think inflation has pushed your home value to the point where you've got enough equity to cancel your monthly private mortgage insurance payments, what do you do next? Thousands of homeowners in fast-appreciating markets across the country are confronting that very question. They've heard that property values in their area have jumped by 6 percent to 8 percent for a couple of years running, and they wonder: Do we now have the 20 percent equity stake - thanks to inflation - that we need legally to get rid of the $40 to $100 premiums we're paying every month?
BUSINESS
December 19, 1999
Dear Mr. Azrael:My brother bought a house last year for $80,000. It was a bank repossession and had had a fire.Although my brother put down less than 5 percent of the $80,000, it still appraised [after repairs] for $120,000, which is more than 20 percent equity in the home. Can he get out of his PMI (private mortgage insurance) without refinancing?Lillian Thompson, BaltimoreDear Ms. Thompson:For mortgage loans taken out or refinanced after July 29, 1999, a new federal law requires lenders to automatically terminate private mortgage insurance once the borrower has paid down the loan to the point it equals 78 percent of the original purchase price.
BUSINESS
By KENNETH HARNEY | June 11, 2000
Second of two parts WHEN YOU think inflation has pushed your home value to the point where you've got enough equity to cancel your monthly private mortgage insurance payments, what do you do next? Thousands of homeowners in fast-appreciating markets across the country are confronting that very question. They've heard that property values in their area have jumped by 6 percent to 8 percent for a couple of years running, and they wonder: Do we now have the 20 percent equity stake - thanks to inflation - that we need legally to get rid of the $40 to $100 premiums we're paying every month?
BUSINESS
By Kenneth R. Harney | August 17, 1997
LEGISLATION THAT would correct a problem confronting thousands of homeowners -- overpayment of private mortgage insurance premiums -- is stuck in a Senate committee because of an intraparty fight among Republicans.Sen. Alfonse D'Amato, the New York Republican who chairs the Senate banking committee, has been unable to persuade Republican colleagues on the committee to support his bill that would give borrowers nationwide the right to have their private mortgage insurance (PMI) terminated automatically when their equity stake reaches 20 percent of the original loan amount.
BUSINESS
August 29, 1999
Several readers have been asking when they can cancel their private mortgage insurance.When a homebuyer's down payment is less than 20 percent of the purchase price, the lender often requires the homebuyer to purchase private mortgage insurance, or PMI. PMI protects the lender against a deficiency in case the borrower defaults and the home does not bring enough money at a foreclosure sale to pay the lender in full.PMI is expensive -- $25 to $65 a month on a $100,000 loan. The cost of PMI is added into the homebuyer's monthly mortgage payment.
BUSINESS
By Kenneth R. Harney | June 27, 1999
LET'S FACE it: Nobody really likes "PMI" -- private mortgage insurance that lenders require homebuyers to buy whenever their down payments are less than 20 percent.PMI coverage can be so troublesome for consumers to get rid of that it took an act of Congress to set the rules straight nationwide.PMI is so unpopular that mortgage experts have been working overtime during the past year to figure out how to cut the insurance costs and hassles out of low-down-payment mortgages. Giants Freddie Mac and Fannie Mae have explored some alternatives and have reduced their PMI coverage requirements, lowering costs slightly for borrowers.
Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.