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Here is my question pmi?

what is the cost of pmi based on? Is it based on how close you are loan to value< or is it based on the total amount owed? i refinanced in 06 my house was worth 205,000 i refied 186,000 my pmi is about 54 dollars a month now my house is worth 174,000 and i want to refi 170,000 will my pmi be higher? if so how much? by titan9_583_580 from Hillsboro, Missouri. Feb 8th 2012 Reply


Cody Bellah (cody@communitymortgagekc.com)
#17 ranked lender in Missouri - 76 contributions

Hello, with that loan to value you have you are better off going to a FHA loan at 97.75%. Conventional loans will go up to 97% but they are going to hit you really hard with PMI and yes it would be a lot more than you pay now. On top of that after all your adjustments to your rate it would be that good of a rate anyway. FHA is going to be way better than a 97% Conv. Call me if you have any questions...816-256-0013. Cody Bellah

Feb 8th 2012
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Eric Burns (ericburns)
#15 ranked lender in Missouri - 7 contributions

I have a program to refinance you and keep your PMI at the same rate that you currently have.To answer your question the standard PMI rate is calculated by credit score and loan to value and what the underwriting findings require.Give me a call at office 417-616-0071 or cell 417-987-1409 so we can talk about it. I can keep you PMI the same and lower your rate even if you are over 100% LTVEric BurnsLoan Officer Mid Nation Mortgage Corporation3432 Culpepper Ct 2nd FloorSpringfield MO 65804 Office PH # 417-888-0114 EXT 6071Cell PH# 417-987-1409 E-mail eric.burns@mnmgo.comWeb http://mnmgo.com/NMLS #305750

Feb 8th 2012
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I agree with the other gentleman who responded to your question. Based on what you have stated PMI would be a much higher amount, and the rate would also be highe because of your loan to value. An FHA loan program would be a better fit for your situation at this time.

Feb 8th 2012
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Eric Burns (ericburns)
#15 ranked lender in Missouri - 7 contributions

you guys need to check the new HARP guidelines. Can now do HARP program that has PMI and the PMI rate stays the same. Also it is at a low rate. Woulld be better than FHA. However I do alot of FHA mortgages myself. PMI is high on FHA now to at 1.15% a year. Thanks. Give me a call with any questions

Feb 8th 2012
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NA NA (NAAAAAA)
#19 ranked lender in Missouri - 18 contributions

Enter your answer here

Feb 8th 2012
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NA NA (NAAAAAA)
#19 ranked lender in Missouri - 18 contributions

All of these people are giving you accurate information.PMI is based upon multiple things,loan to value,credit score and the monthly amount is also dependent on your total loan amount.Most likely your loan is insured by Fannie Mae or Freddie Mac so HARP2 is probably the best option since you could be guranteed that the PMI would at least be the same.You also may be able to refinance your home and not have an appraisal done at all.Their are many programs available for people in your situation.Feel free to give us a call at any time we are in Columbia and we will come to you.You can call anytime at 888-279-5427 or visit www.delinefinance.com

Feb 8th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

Hi Titan, at that LTV FHA is an option or you can call a mortgage broker and see if you qualify for the new HARP 2 refinance program set to roll out fully on March 15th

Feb 9th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

This is a very broad question, so expect a wide range of answers.. PMI is insurance.. just like the insurance on your car or boat or your home.. if you lived near Katrina, you would expect to pay higher insurance than say if you lived in Montana. After a large wave of foreclosures, the insurance has had some hellacious payouts... thus, premiums were raised... PMI is based on loan amount, Loan to Value, credit score, type of home, and area you live... expect to pay more, but no one here can tell you how much without looking at the complete profile... However, under the new and improved HARP 2.0, guidelines state PMI will be the same or lower, but this is a limited program, so if you interested in refinancing, then now would be the time.. WilliamAcres.com

Feb 9th 2012
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Hi. I currently have my loan through Weichert Financial on a 30 year fixed (jumbo) at 6%. I am trying to refinance and I have equity to the tune of about 13% in the home. I do currently pay PMI. They are quoting me a rate of 4.65% with a quarter of a point. This is to refinance in the same program, a fixed 30 years. I feel like i am being ripped off as rates seem to be much lower than that.

Feb 16th 2012
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