All Posts Tagged With: "MI"
Will “safe” QRM mortgages raise loan rates?
In an important step forward, the Consumer Financial Protection Bureau finally has a website — and a big issue to confront. The question is fairly straight-forward: What’s a safe mortgage? There must soon be an official definition to comply with Wall Street reform measures passed last summer. The Wall Street Reform Act tells us that [...]
8Feb2011 | Peter G. Miller | 0 comments | Continued
How Can We Slash Mortgage Insurance Costs?
Private mortgage insurance companies are the private-sector equivalent of the VA and FHA. Such insurance allows individuals to borrow with little down — but only if they pay a premium for such coverage. How It Works Some important points about private mortgage insurance (MI) include: MI companies are state regulated, not federally regulated. State regulation [...]
26Apr2010 | Peter G. Miller | 0 comments | Continued
How Can I Pay Less For Mortgage Insurance?
Lenders require mortgage insurance when borrowers are unable to put at least 20 percent down when buying a home. The good news is that in some instances it may be possible to reduce mortgage insurance costs. Mortgage insurance comes in three basic flavors, FHA, VA and private mortgage insurance (MI). Let’s look at each. FHA [...]
22Feb2010 | Peter G. Miller | 0 comments | Continued
Why Do We Need Private Mortgage Insurance?
Question: We’re buying with 10 percent down. Our lender says we can get a loan but only with private mortgage insurance. What is private mortgage insurance and why do I need it. Answer: Lenders want as little risk as possible when they make a loan — a not-unreasonable position. To limit their risk they want [...]
2Sep2008 | Peter G. Miller | 0 comments | Continued
When Can I Cancel Private Mortgage Insurance?
Question: Can I get a straight answer to a question? I want to cancel my private mortgage insurance (MI). I bought a home for $280,000 and borrowed $250,000. The property is now worth no less than $350,000. I have at least 20 percent equity and yet the lender will not allow me to cancel my [...]
22Aug2008 | Peter G. Miller | 0 comments | Continued
Are Fees For Private Mortgage Insurance Deductible?
Yes. In the closing hours of the 109th Congress a long-time irritation was resolved: Fees for mortgage insurance will be tax-deductible for huge numbers of homeowners beginning in 2007. Mortgage insurance has been the key to homeownership for millions of buyers. Unlike other forms of insurance, mortgage insurance does not protect against some future and [...]
20Aug2008 | Peter G. Miller | 0 comments | Continued
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