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Private Mortgage Insurance: The Silent Fleecing
An estimated $1.3 BILLION a year is being extracted from the pockets of hard working Americans striving to afford a house of their own. Every day thousands are paying for insurance they don't need.If you bought a home with less than 20% down within the past few years, the housing boom may have pushed your equity over the 20% threshold, making private insurance superfluous. PMI (Private Insurance) is a hidden insurance that lenders require low-down-payment borrowers to take out. The insurance protects the lender against default. This hits about a quarter of all home buyers.An act of Congress on Jan. 23, 1999 requires automatic cancellation and notice of cancellation rights once the outstanding balance of your drops below 80% of the value of your home. But one thing you don't want to do is rely on the government to get rid of your PMI. The average term of most PMI policies is 17 years (14 years longer than needed). The policy can be so expensive that a year's worth of premiums can add up to a 13th payment each year.Dumping your PMI won't be easy. To prove your property qualifies for removal of PMI payments, you may have to pay for an appraisal. Look at your annual escrow account statement to see how much you pay for PMI each month. You don't want to shell out the cost of appraisal fees and then find you are still shy of the 20%. Better still, call your lender and ask if you are being charged for PMI. If you've paid off 20% of the loan's original appraised value, you can request that it be canceled.The average cost of private insurance is around $85 per month. It's not the cost that outrages most people – it's the fact that they often pay on the coverage long after they have reached their 20% equity, according to some industry analysts. Rising values may mean you can quit paying PMI.Canceling or Removing PMI may be an expensive proposition claims G. T. Hewlett a reduction consultant..
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To learn if you qualify and also to obtain the OFFICIAL FORM that saves a lot of hassle, take a few minutes at www.bwma.com/mradvance . Click on the link "See if you qualify to remove PMI", then get the OFFICIAL FORM, to expedite the cancellation process. Because PMI premiums are un-itemized, as to your overall monthly payment, you may not even be aware that you are paying the premiums. This may be a serious liability to you, if you are paying and have no legal obligation to pay. By keeping the policy in force, the lender can foreclose on your home quicker. By applying those premium dollars to the principal, your payment amount will be the same but you will own your home 6 to 8 years sooner, saving tens of thousands of dollars..
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