Do you pay a PMI on your mortgage?
@happythoughts (4109)
United States
May 16, 2008 12:09pm CST
When we bought out home we were only able to put 5% down so we have this $48 charge on each or our bills. It is a mortgage insurance to protect the issuer of the loan. I know that it is only $48 but still it is $48 and I want it taken off. I called the company and they told me as soon as I got 20% payed off the loan they would take of the charge. Not 20% less then the house is worth but 20% off the original loan. We still need to pay $14,000 but as soon as we have that done we will have $48 a month going towards principal that wasnt before. We hope to get that payed of this year, but it is a lot of money.
Are you paying a PMI too? Has anyonehad thier PMI taken off?
1 person likes this
1 response
@beaniecat (329)
• United States
18 May 08
No, we don't pay PMI. When we bought our house, we took out two mortgages. One was for 80% and the other for 20%. With the mortgage meltdown, I don't know if they will do those anymore or not.
@happythoughts (4109)
• United States
21 May 08
We didnt even know that existed when we purchased our home. We were offered a standard 30 year loan and a few scary ARM options so we chose the 30 year. Since then we have learned a lot.
