Private Mortgage Insurance

They do not.. Once an insurance certificate is issued, the premium is set, and it will be that premium for the life of the loan. If you going FHA, you must pay MI for at least 60 payments, and you can request it to be removed once you are at 78% of your original loan amount (notice I did not say 22% equity).. FHA is supposed to drop MI after you pay down your balance 22%, however it's not always a automatic.. Under conventional financing, once you have obtained 20% equity, you can have the property re appraised, and if the appraisal supports 20% equity, you can get the MI removed from your payments.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

No. Are you applying for an FHA or Conventional mortgage? Send me an email at PBotros@omegaloans.net, I can help you with your mortgage needs in NY.

Once The PMI Company issues the policy, the terms of the policy is set. HOWEVER, it is possible to purchase what is known as a "Declining Renewal" policy. Generally the premium factor is a little higher, but beginning in year 2, the premium is calculated on the lower principal balance, instead of the original balance. If your PMI policy is a DR policy, then each year you should see your monthly premium drop a little bit. Most policies issued are Constant Premium policies meaning the monthly premium stays the same until the LTV allows the policy to be cancelled. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

No they do not.

No they do not. The only fluctuation can be their removal. See William's explanation below of when you can remove PMI.