Private Mortgage Insurance Doesn't Protect Homeowners
If you borrowed more than 80% of the appraised value of you home, you're probably paying private mortgage insurance (PMI). PMI that is not lender paid is a waste of money. If you default on your mortgage, the private mortgage insurance provider will pay the lender, but you still would lose your home. PMI do not offer you any benefits whatsoever. PMI payments aren't even tax-deductible.PMI increases your effective mortgage interest rate.
On a $100,000 loan with 10 percent down ($10,000), PMI would cost you $43 a month. If you can cancel the PMI, you can save $516 a year and many thousands of dollars over the course of the loan. If your down payment was less, the cost of your PMI will be greater. If your down payment was 5%, ($5,000), your PMI expense would cost you $780 a year or $65 a month. Check your annual escrow account statement or call your lender to find out exactly how much PMI is costing you each year.When you purchase a home and put down less than 20 percent down, most lenders will require you to purchase PMI.
You are purchasing insurance to protect the lender if you default on the loan. The Homeowners Protection Act of 1998 establishes rules for automatic termination and borrower cancellation of PMI on home mortgages. These protections apply to certain home mortgages signed on or after July 29, 1999 for the purchase, initial construction, or refinance of a single-family home. These protections do not apply to government-insured FHA or VA loans or to loans with lender-paid PMI.New borrowers covered by the law must be told, at closing and once a year, about PMI termination and cancellation. Mortgage providers must provide a telephone number for all their mortgage borrowers to call for information about termination and cancellation of PMI.Even though the law's termination and cancellation rights do not cover loans that were signed before July 29, 1999, or loans with lender-paid PMI signed on any date, lenders or mortgage providers must tell all borrowers about the termination or cancellation rights they may otherwise have under those loans (such as rights established by the contract or state law).The following applies for home mortgages signed on or after July 29, 1999.
Your PMI must - with certain exceptions - be terminated automatically when you reach 22 percent equity in your home based on the original property value, if your mortgage payments are current. Your PMI also can be canceled, when you request - with certain exceptions - when you reach 20 percent equity in your home based on the original property value, if your mortgage payments are current.One exception is if your loan is high-risk. A cash-out refinancing would be considered high-risk. Another is if you have not been current on your payments within the year prior to the time for termination or cancellation. A third is if you have other liens on your property.
For these loans, your PMI may continue. Ask your lender or mortgage provider (the company that collects your payments) for more information about these requirements.The following applies for home mortgage signed before July 29, 1999.You can ask to have the PMI canceled once you exceed 20 percent equity in your home. But federal law does not require your lender or mortgage service provider to cancel the insurance.Some states may have laws that apply to early termination or cancellation of PMI - even if you signed your mortgage before July 29, 1999. Call your state consumer protection agency for more information about your state's rules. Contact your lender or mortgage provider to learn whether you're paying PMI.
If you are, ask how and when it can be terminated or canceled. Fannie Mae and Freddie Mac, which buy home mortgages from lenders, also may have guidelines affecting termination or cancellation of PMI on home mortgages signed before July 29, 1999. Check with your lender or call Fannie Mae or Freddie Mac, for more information.Copyright ? 2005 My Big Fat Mortgage All Rights Reserved..
George Burks of http://www.mybiweeklymortgagepayment.com has offered a biweekly mortgage payment plan with no enrollment fees since 1999. His interest in financial topics is varied and includes identity protection. Please visit our financial library.SOA Consulting Services Announced by XWebServices, Inc.
May 31, 2005 -- Today, more and more companies understand the need for a Service Oriented Architecture. Drawn primarily by the promise of interoperability in an increasingly global and heterogeneous business world, Service Oriented Architectures (SOAs) allow firms to better align their business needs and IT infrastructure, lower development costs, encourage sharing of services, complete integration faster and build industry best practices.A service-oriented approach enables rapid assembly, shortens deployment time and reduces risk of failure so you can keep your organization more agile and profitable. SOA is the latest evolution in distributed computing.SOA Consulting Services GroupWhether a company is migrating application design practices and tools toward a style that creates shared, reusable and distributed services or building new SOA applications and solutions in an enterprise, XWebServices, Inc.'s SOA Consulting Services Group assists companies achieve their SOA goals.SOA Architect...
SOA Consulting Services Announced by XWebServices, Inc.
Mortgage > SOA Consulting Services Announced by XWebServices, Inc.
EhomesDenver.com Launches free Home Listing Real-estate Service and Loan Qualifying
(ContentDesk) June 3, 2005 -- www.EhomesDenver.com is helping New home owners find properties in the Metro Denver area as well as providing mortgage loan services, The free service is Designed to eliminate headaches and frustration while searching a specific area for homes, listings in the Denver Metro Area and surrounding cities such as Parker, Castle Rock, Highlands Ranch and 18 other cities surrounding the Denver Metro area." We feel that providing a free Home search is a necessity for a realtor in this day and time, Online home searching is a valuable tool to home buyers, I feel providing free access to MLS listings here in Metro Denver is important and I personally like being able to provide daily updates of new home listings through the MLS" says Karen Baumgardner. Best of all this Service is free to anyone looking to move into the Denver area. "A large percentage of people looking for homes using my website are from out...
EhomesDenver.com Launches free Home Listing Real-estate Service and Loan Qualifying
Mortgage > EhomesDenver.com Launches free Home Listing Real-estate Service and Loan Qualifying
Credit Card Debt Consolidation Home Loans Now Available With the "Payment Buster" Refinance Program
Winter Park, Florida (ContentDesk) March 6, 2006 -- Credit card debt consolidation mortgage refinance loans - http://www.fgmnet.com/debt_consolidation_mortgage_loan.php - can help consumers take control of their credit card debt load by paying off their credit card balances with a home refinance loan. First Guarantee Mortgage (http://www.fgmnet.com) a home mortgage refinance expert resource and multi-state mortgage broker located in Winter Park, Florida is now offering a Payment Buster debt consolidation home loan program to help homeowners with high credit card debt to refinance and gain tax benefits as well as lower monthly mortgage payments.With the Payment Buster debt consolidation refinance program homeowners now have the opportunity to consolidate all their high interest credit cards payments into one low tax-deductible payment.See more...
Credit Card Debt Consolidation Home Loans Now Available With the "Payment Buster" Refinance Program
Mortgage > Credit Card Debt Consolidation Home Loans Now Available With the "Payment Buster" Refinance Program
Google Adwords – Online Riches Without Owning A Website Or Product!
Did you know that you can make money from Google Adwords without having a product to sell, or even a website?Its true and there are many people all around the world quietly making lots of money doing it.So how do you do it?Quite simple really, you become an affiliate.An affiliate is somebody who sells other peoples products for a share of the profits. There are loads of companies on line who are eager for you to become their affiliate, and will pay you very well for generating sales for them. Did you know for example that mortgage companies and other financial institutions will pay up to $50 per referral? Normally your prospect doesnt even have to take the mortgage in order for you to pick up the money, you get it for them just filling in the form.Satellite TV companies are another example of big payers, and there a lot of high ticket software products that can earn you $100+ commissions. There are loads of other companies in all walks of life that want you as an affiliate, do a...
Google Adwords – Online Riches Without Owning A Website Or Product!
Mortgage > Google Adwords – Online Riches Without Owning A Website Or Product!
Real Estate Wealth Protection With Short Sales
Is a sharp correction in store for the real estate market?Fannie Mae, the largest buyer of mortgages in the US, is worried. They recently warned that the probability of a housing bust has risen sharply in certain parts of the country. Fannie Mae and Freddie Mac financed about 43% of new home mortgages last year. That's down from 53% the year before. Fannie and Freddie only buy "conforming loans" In these days of easy money and competition for borrowers...
morelenders are selling mortgages to non-government sponsoredloan buying companies. They have less stringent lending standards. That means more risk as it allows home buyers with poor credit records or unconfirmed income to qualify for mortgage loans. Listen to this! 24% of the sub-prime loans sold to non-conforming buyers in 2004 were adjustable rate mortgages with an interest only feature. And...
these mortgages are not restricted to less expensive houses. The share of jumbo mortgages loans ($359,650 & up) accepted without...
Real Estate Wealth Protection With Short Sales
Mortgage > Real Estate Wealth Protection With Short Sales
Self Employed Mortgage Loans - A Survival Guide
When you're self employed you have numerous advantages. As you are a free agent, you will write off every deduction you can on your tax return. You acquire the potential to earn extra income much more so than someone who is employed by someone else. The best part is that you are the gaffer, the boss! On rare occasions, being freelance has some drawbacks. One is when you go to get finance for a property or a large purchase.
However, here are some items to know that could help you prepare for the mortgage loan process. A self-employed mortgage loan survival guide, if you will.While confirming your income - the average lender will need to be made aware of at least 2 years of self employment history, occasionally they will request 3 years. They will ask to see this history verified in tax returns, generally. Occasionally the lenders may figure your income as being the average income you claimed on your income taxes as profits, not your gross business income. Another time the lender...
Self Employed Mortgage Loans - A Survival Guide
Mortgage > Self Employed Mortgage Loans - A Survival Guide
Mortgage Early Payoff Without Refinancing Classes to Begin
Sedona, AZ, October 16, 2006: Mortgage reduction co-authors Lin Ennis and John R. Barker will run an eight-week mortgage makeover class by teleconference, based on their 96-page how-to manual called Let Your Mortgage Make You Rich!
Most mortgage reduction programs (also called "early payoff") suggest various ways of paying extra, whether by rounding up the monthly payment and specifying the additional as "principal only," or by paying biweekly, which adds an extra payment per year. Unlike those, Let Your Mortgage Make You Rich! also describes a technique that does not require paying extra in order to quickly reduce mortgage principal.
The eight-week course will be conducted by telephone, beginning October 24th, 2006, allowing participation from anywhere in the world. The hour-long sessions will include teaching, specific action steps, and personal mortgage makeovers for the first 25 participants enrolled. The objective is to show people how to get out of...
Mortgage > Mortgage Early Payoff Without Refinancing Classes to Begin
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