| [ USA ] in KIDS 글 쓴 이(By): HellCat (Nobody) 날 짜 (Date): 2004년 5월 11일 화요일 오전 03시 20분 35초 제 목(Title): Re: [질문] PMI July 1999 이후에 클로즈된 모기지는 법으로 PMI 없애주게 되어있는데요 그 이전에 클로징 된 것은 렌더가 그렇게 해야 한다는 조항은 없다고 하네요 근데 대게 일반적으로 어프레이절해서 80% 이하로 밸런스가 남으면 해준다고 하던데.. 근데 리파이 하면 그 페드랄 법에 걸리니 의무적으로 해줘야죠. Until recently lenders were under no obligation to tell home owners when they had reached a point where the PMI Private Mortgage Insurance can be dropped. That all changed in 1999, when the Homeowners Protection Act took effect. In most cases, this law now obligates lenders to terminate PMI Private Mortgage Insurance when the principal balance of the loan reaches 78 percent of the original loan amount. Savvy homeowners can get off the hook a little earlier. The law stipulates that, upon request of the home owner, the lender must remove PMI Private Mortgage Insurance and it must be dropped when the principal amount reaches only 80 percent! It is important to note that this law only applies to home loans - whether first time or refinances - that closed after July, 1999. In order to remove PMI Private Mortgage Insurance certain other conditions must be met, such as being current on the loan payments. Buyers that purchased before July 1999 can remove PMI Private Mortgage Insurance, but they must initiate the process and though the lender is under no obligation to do so, most will comply with the borrowers request to remove PMI. Of course, there is another way that home owner's equity can reach beyond the 80/20 percent ratio. Many areas of the United States have seen significant gains in the value of real estate over the past decade. In fact, certain areas have seen appreciation levels of 100 percent or more. Even those people living in areas with more modest gains may find that the value of their property has quickly grown to the point where the amount of principal they owe on their loan is less than 80 percent of the home's current value. Again, in these cases, the lenders are under no legal obligation to remove PMI Private Mortgage Insurance. In most cases, however, as long as the home owner has been prompt on their loan payments and don't represent an exceptional risk, the lenders will agree to remove PMI and the extra fees associated with PMI Private Mortgage Insurance. The hardest thing for most home owners to know is just when does their home equity rises above this magical 20 percent point? Thats where certified licensed real estate appraisers can certainly help. It is an appraiser's job to determine home values and the market dynamics of their area. Real Estate Appraisers know when property values have risen - or declined. Many real estate appraisers offer specific services to help customers determine home values to determine if they can remove PMI Private Mortgage Insurance payments. Faced with the data in an appraisal report by certified appraisers, the mortgage company will most often remove PMI Private Mortgage Insurance with little trouble. The savings from removal of PMI Private Mortgage Insurance pays for the appraisal in a matter of months. At which time, the home owner can enjoy the savings from that point on from the removal of PMI Private Mortgage Insurance. |