If your down payment was less than 20 percent of your home’s purchase price, chances are that you are paying premiums on private mortgage insurance (PMI). Once your equity reaches 20 percent, and you meet other requirements, you can ask your lender to cancel your PMI (cancellation is automatic for some mortgages when you reach 22 percent equity), saving you some serious dough.
This is if you decide to utilize a second on your home to remove PMI. The PMI (private mortgage insurance) is considered home equity indebtedness which is allowed up to 100,000 so the interest you pay on the second is a write off for any reason up to this 100,000 mark.
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Private Mortgage Insurance, or PMI, is an insurance policy. It pays the lender back when a loan goes into default. It is paid for by the homeowner but benefits the lender. This is where most home buyers get hung up. They don’t like the idea of paying an insurance policy that protects the lender.
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Private Mortgage Insurance (PMI) What is Private Mortgage Insurance (PMI)? How Does private mortgage insurance (pmi) work? Could obtaining private mortgage insurance (pmi) Help Me Qualify for a Larger Loan? How Much Does Private Mortgage Insurance (PMI) Cost? How is Private Mortgage Insurance Paid? How Does the Buyer Apply for PMI?
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