Posted on: 02nd Jun, 2007 05:54 pm
i am merging my first and second mortgage. i this required pmi?
How much amount is it coming to by combining the first & second? and how much is the value of property? is combined value more than 80%?
"I am merging my first and second mortgage. I this required PMI?"
depends on the total value of the mortgage to property value, if it crosses 80%, that is when pmi is required
depends on the total value of the mortgage to property value, if it crosses 80%, that is when pmi is required
Hi Dogface,
Welcome to the forums.
You will require to pay premiums for your PMI until and unless the total outstanding balance on both the mortgages reaches 80% of the value of the home purchase price or appraised value at the time you obtained the loan.
Take Care
Welcome to the forums.
You will require to pay premiums for your PMI until and unless the total outstanding balance on both the mortgages reaches 80% of the value of the home purchase price or appraised value at the time you obtained the loan.
Take Care