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Chearer insurer? Homeowners Protection Act?
Posted by Geoff (more from Geoff) on Fri, 21 Oct 2005 07:09:42
In Reply to: Re: Then maybe ask your loan officer, Rich, Fri, 21 Oct 2005 06:08:33
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Agreed - keep the low rate. With the way the government is running up deficits, their borrowing need is going to push rates higher for a generation (my opinion only). $300 a month sounds like a lot of money. Maybe see if you can substitute a cheaper PMI carrier? I'm not sure how one might do that, but I don't believe the bank can legally require you to use a particular company, especially if the insurer is an affiliate of your bank.
There are also Federal rules in the Homeowners Protection Act of 1998 about how PMI can be cancelled at your option that may apply to you depending on your actual numbers. A couple of links:
http://www.ftc.gov/bcp/conline/pubs/alerts/pmialrt.htm
http://www.frbsf.org/publications/consumer/pmi.html
http://www.fanniemae.com/faq/231001i.jhtml?p=FAQ
/G
Posts in this Thread:
- 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
- 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
- why not covert the amount over 80% to a 2nd mortgage, hte originalMJM, Fri, 21 Oct 2005 05:29:55
- 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
- Re: Way O/T getting rid of PMI (long), michael p, Thu, 20 Oct 2005 15:39:43
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