In the current housing market what is your house presently worth? If the value is anywhere close to the prior appraisal and your credit score is good to excellent, instead of trying to reduce your PIM, you might shop for a new lender to take advantage of the present favorable mortgage rates being advertised with no closing costs and possibly no PIM because of what appears to be a low debt ration to value of collateral. You also should consider speaking with an attorney about whether you have a cause of action for failure to disclose the PIM at closing.
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Mr. Geisenberger is a Pennsylvania-licensed attorney only. The information is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Answering this question does not in any way constitute legal representation. Contacting Jacques H. Geisenberger, Jr., P.C.,does not constitute legal representation, nor is any information you provide protected by attorney-client privilege.
Check your loan documents to see what they say about this. The PMI may not be an amount, but rather a percentage of the monthly mortgage payment that's due.
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The amount of the PMI depends on a few factors including: Base to Loan percent; Type and Term of Loan and loan amount. I believe you can shop around for the best rates just like any other insurance product. I would research this on the internet and then speak with your lender about placing or replacing the insurance yourself. Also, you can pay down your mortgage to under 20% and the pmi would go away.
My comments are not intended to establish an attorney-client relationship, are not confidential, and are not intended to constitute legal advice. Proper legal advice can only be given by an attorney who agrees to represent you, who reviews the facts of your specific case, who does not have a conflict of interest preventing the representation, and who is licensed as an attorney in the state where the law applies. less