Pmi sucks!

[ladyfreckles]

I just had to get that out there.

We're paying $400 a freaking month on PMI. I want it to go away. We talked to our other bank (we don't have our mortgage with our usual bank) and if we had made the same down payment on the same loan it would have only been $80 a month. Bank of America basically screwed us. Ugh. By the time we get the home price down low enough/have enough saved up to refinance properly it'll be time to move.

[Germanshepherdlova]

I agree-I have that stupid PMI on my mortgage too mine is $200 a month, and I think we have about 7 more years that we have to pay it before we can have it removed. Did they say you can remove yours when you pay your mortgage down a bit?

[ladyfreckles]

Originally Posted by Germanshepherdlova

I agree-I have that stupid PMI on my mortgage too mine is $200 a month, and I think we have about 7 more years that we have to pay it before we can have it removed. Did they say you can remove yours when you pay your mortgage down a bit?

They won't remove it until the loan is 20% lower than the home value.

[paulag1955]

What is PMI?

[asja]

If you have very good/excellent credit, you can refinance, pay 5% down, get a home equity loan of 10% (essentially a second mortgage), and then a regular mortgage of 85%. No PMI. We did that with our first house.

[ladyfreckles]

Originally Posted by paulag1955

What is PMI?

It's private mortgage insurance. It's what they make you pay if your initial down payment isn't high enough (kind of).

[ladyfreckles]

Originally Posted by asja

If you have very good/excellent credit, you can refinance, pay 5% down, get a home equity loan of 10% (essentially a second mortgage), and then a regular mortgage of 85%. No PMI. We did that with our first house.

Pat's credit is ridiculously good/high for someone his age (25). By the time we had 5% down, though, it'd be time to move and our mortgage would already be down a whole lot. Who knows though, if we do end up staying here long enough we might do that.