I'm not denying the hardship - after all, I moved back to Los Angeles (actually Glendale CA) from overseas five years ago, so I paid through the nose to get back into the game. (But my 80% LTV is probably down to 50% now in this crazy market). My wife was a realtor for a few years around here and it was tough seeing young couples, say both were teathers, priced out of anything but a little dump of a townhouse in less desirable towns at the end of long commutes. Thanks goodness for the VA mortgage that got me into my first house 25-30 years ago. And the severance payment from Bank of America (may it rot in heck) for my seventeen years of loyal service that was my 20% down-payment when I came home from Hong Kong. Anyway,... TMI.

But, the issue isn't that the borrower is more likely to be a deadbeat at LTVs over 80%. The 20% of your money at risk is an equity cushion for the bank in case the value of the house (or houses generally) declines in a recession. That's the theory anyway.... Reality bites.

/Geoff

• Way O/T getting rid of PMI (long), Rich, Thu, 20 Oct 2005 15:05:42
  • Re: Way O/T getting rid of PMI (long), Avanti, Fri, 21 Oct 2005 23:28:23
  • Thank you all., Rich, Fri, 21 Oct 2005 15:41:12
  • The ONLY way to get rid of PMI (and keep 4.5%), Jeff B, Fri, 21 Oct 2005 11:37:43
  • what is PMI?, rob , Fri, 21 Oct 2005 11:35:29
    • PMI - Private Mortgage Insurance (too long), Jeff B, Fri, 21 Oct 2005 12:07:59
    • Re: what is PMI?, Geoff, Fri, 21 Oct 2005 11:47:17
  • Re: Way O/T getting rid of PMI (long), SWEDECAR , Fri, 21 Oct 2005 09:29:31
  • Re: Way O/T getting rid of PMI (long), Rafe, Fri, 21 Oct 2005 07:21:04
  • Get a Realtor to do a Market Analysis, JimN, Fri, 21 Oct 2005 06:55:25
    • I did that long ago and it worked, Schu, Fri, 21 Oct 2005 12:22:48
  • why not covert the amount over 80% to a 2nd mortgage, hte originalMJM, Fri, 21 Oct 2005 05:29:55
    • in his case, it might well cost him more that way., mdj, Sun, 23 Oct 2005 17:32:40
    • Bingo!, HD, Fri, 21 Oct 2005 10:28:03
  • Re: Way O/T getting rid of PMI (long), Rich T., Fri, 21 Oct 2005 05:15:10
  • LTV is the key, Geoff, Thu, 20 Oct 2005 15:46:21
    • can anyone afford to put down 20%?, Bob M, Thu, 20 Oct 2005 17:12:51
      • Re: can anyone afford to put down 20%?, Rafe, Fri, 21 Oct 2005 07:23:16
      • Just remember, Jim, Thu, 20 Oct 2005 21:01:12
        • That is true..., Bob M, Fri, 21 Oct 2005 05:55:46
      • Re: can anyone afford to put down 20%?, Geoff, Thu, 20 Oct 2005 18:27:54 <-- Viewing This Message
        • Re: can anyone afford to put down 20%?, Rich, Thu, 20 Oct 2005 19:27:57
          • can anyone afford to put down 20%? Not me..., Chris M, Fri, 21 Oct 2005 05:24:59
          • Then maybe ask your loan officer, Geoff, Thu, 20 Oct 2005 20:13:31
            • Re: Then maybe ask your loan officer, Rich, Fri, 21 Oct 2005 06:08:33
              • Chearer insurer? Homeowners Protection Act?, Geoff, Fri, 21 Oct 2005 07:09:42
                • Chearer = "cheaper" -- no coffee yet, sorry. n/m, Geoff, Fri, 21 Oct 2005 07:10:27
  • Re: Way O/T getting rid of PMI (long), michael p, Thu, 20 Oct 2005 15:39:43
    • PMI Removal should be fairly straightforward, mdj, Sun, 23 Oct 2005 17:51:35
      • Re: PMI Removal should be fairly straightforward, Paul E, Sun, 23 Oct 2005 21:44:10

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