You can always contact your lender to determine how much of your monthly mortgage payment is going towards PMI. PMI is typically a charge that is anywhere between $40 and $100 monthly depending on your loan amount.
Unfortunately if your home mortgage was signed prior to July 29, 1999 your lender is not required to cancel your PMI once you reach any given level of equity. Federal law does not require the lender to release your PMI unless it was a part of your signing agreements.
Private Mortgage Insurance (PMI) is a part of the loan for many home borrowers that put down less than 20 percent on their home mortgage. PMI is often required by lenders for these loans to protect them if the loan is defaulted on.
If your loan is considered high risk, termination at the 20 percent equity mark may not be possible. If you have any liens you may also be restricted from canceling your PMI.
PMI stands for Private Mortgage Insurance. You may be paying it without ever really thinking about if you have a mortgage that has less than 20 percent equity paid down. New laws affecting PMI went into affect in 1999…
Calculate your monthly payments on your new loan using our free amortization calculator. Also use the amortization schedule to see a detailed account of how much of your monthly payment actually pays down principal on your loan…
Second mortgages rely upon your equity in your first mortgage to give you borrower credibility for the borrowing of more money. If you have sufficient equity in your first mortgage you can get a better rate on your second mortgage…
Real estate calculators are used to do a variety of calculations from monthly loan payment amounts to break even dates for refinancing of existing loans. Our free calculators provide these functions as well as debt consolidation…
FHA is a federal program for insuring home loans. FHA helps families with low income or poor credit to obtain a home loan with a small down payment and lower interest rates. Expo Financial can connect you with up to four competitive rate quotes for free…
Amortization tables give you detailed information about your loan payments broken down into interest and principal for each month. Amortzation are a handy thing to have printed off to help you get an idea of your loan repayment schedule…
