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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Late Mortgage Payments Sabotage PMI Cancellation
There's something you should know about PMI!
Private mortgage insurance is commonly referred to as PMI. If a
buyer makes a down payment of less than 20% of a home's value
the lender will insist that a premium for PMI be added to every
monthly payment.
Statistics prove that the more money a buyer has invested in a
home the less likely they are to default on mortgage payments.
With less than 20% down lenders want added security for the loan
and so PMI was developed. Nice for lenders... expensive for
borrowers.
The federal Homeowners Protection Act of 1998 mandates two ways
to cancel PMI.
1. When regular monthly payments have paid down the loan balance
to less than 78% of the ORIGINAL APPRAISED value of the home.
Current appraised value does not count even if the value of your
home has doubled.
2. If you pay an extra amount over and above the monthly payment
so that the loan balance falls below 80% of original value.
The act excluded FHA loans made before 2001. Mortgage insurance
on those loans can never be canceled.
What if you bought a home in Southern California and the value
shot up 40% during a ten month period? That's not covered in the
Homeowners Protection Act, but most lenders will listen to a
request to cancel the PMI... but not during the first two years
of the loan. After two years the lender will require that the
value of the home has increased to the point where the loan is
75% or less of the potential selling price. Then they may
release the buyer from PMI premiums. You must ask!
WARNING! THIS CAN BE EXPENSIVE! Many homeowners make a huge
mistake when they are late with mortgage payments. If you have a
poor payment history the lender is not required to lift the PMI.
You will be out a huge amount of money... over many year as you
continue to make those PMI payments... even though your loan
balance is well within the lenders normal limits.
PMI makes it possible to buy a home with a small or no down
payment, but don't be fooled. It is very expensive and every
homeowner should do what's necessary to get rid of it as soon as
possible.
About the author:
Mark Walters is an investor-entrepreneur helping other investors
from his Web pages at http://www.Lease-Option-Sub2.com