PMI Private Mortgage Insurance - How to remove it from your mortgage The amount of the insurance is often $40 to $50 per month for a $100,000 home. This payment is typically added to the overall payment Homeowners continue to pay the PMI even after their loan balance has dropped below the original 80 percent threshold, which occurs as the equity in the home increases. Previously, lenders were under no obligation to inform borrowers when they had reached a point where the PMI could be removed. In 1999, when the Homeowners Protection Act took effect and this law now obligates lenders to terminate the PMI when the principal balance of the loan reaches 78 percent of the original loan amount. The law stipulates that, upon request of the homeowner, the PMI must be dropped when the principal amount reaches only 80 percent! This law only applies to home loans - whether first time or refinances - that closed after July, 1999. Also certain other conditions must be met, such as being current on the loan payments. Buyers that purchased before July 1999 can also have their PMI removed. The question is when does the equity exceed the 20 percent point? A state certified appraiser can provide an accurate appraisal to determine this. Cancellation of Private Mortgage Insurance: Federal Law May Save You Hundreds of Dollars Each Year |
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Sunglint on the Alabama River | ||
10/5/2024 9:50 AM | ||
An astronaut aboard the International Space Station shot this photo of large meanders of the Alabama River while orbiting over the southern United States. The river’s smooth water surface reflects sunlight back toward the astronaut’s camera, producing an optical phenomenon known as sunglint...Read More | ||
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Astronauts Rubio and Berrios Speak During Hispanic Heritage Month | ||
10/5/2024 9:50 AM | ||
Chirag Parikh, Deputy Assistant to the President and Executive Secretary of the National Space Council, left, and NASA Astronauts Frank Rubio, center, and Marcos Berrios, right, speak at a staff engagement event that took place during a White House Hispanic Heritage month on Sept. 30, 2024...Read More | ||
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Communications Strategist Thalia Patrinos | ||
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The Stanley Cup Comes to Kennedy | ||
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NASA’s Art Program is Back | ||
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Astronaut José Hernández Boards Discovery | ||
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Expedition 71 Soyuz Landing | ||
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NASA astronaut Tracy C. Dyson is seen smiling and holding a gifted matryoshka doll outside the Soyuz MS-25 spacecraft after she landed with Roscosmos cosmonauts Oleg Kononenko and Nikolai Chub, in a remote area near the town of Zhezkazgan, Kazakhstan on Monday, Sept. 23, 2024. Dyson is returning to Earth after logging 184 days in space as a member ...Read More | ||
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Honoring Hidden Figures | ||
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Hubble Examines a Busy Galactic Center | ||
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Engineer Zaida Hernandez | ||
10/5/2024 9:50 AM | ||
"I would say family and part of that 'first-gen experience' [shaped me]...It shaped me to be a hard worker and to aspire to large things because not only was it my goal at this point, but it was also my parents' aspiration." – Zaida Hernandez, Engineer, Lunar Architecture Team, NASA's Johnson Space Cente...Read More | ||