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Peggy Said:

How much is mortgage insurance on mortgage loan of 122k? min washington state.?

We Answered:

Is based on how much you put down.

Sherry Said:

Private mortgage Insurance (PMI) I have on my mortgage loan. My loan is with Freddie Mac?

We Answered:

PMI is required if your loan-to-value ratio (LTV) on your first mortgage is more than 80%. For example, on a $100K home, you would not have to pay PMI on an $80K first, but you would on an $80.1K first.

Lenders require PMI to ensure that they don't take a loss on a home with an LTV that's greater than 80%. This is because, if you default on the loan, they will incur administrative and legal costs if they have to foreclose, as well as probably getting less than full market value when it either gets auctioned off or they sell it on the open market. If you do default and the lender takes a loss, the insurance company that issued the PMI makes up the difference.

If you bought a house that has decreased in value and you originally bought it at more than 80% LTV (so you have to pay PMI), then there's no way you can get out of paying the PMI, because the LTV will be even higher now. If the property value goes up to where your LTV is now at or less than 80%, you can then apply with your lender to stop paying the PMI. But, this is something you have to initiate. They won't come calling you to let you know that you don't have to pay that any more.

Elizabeth Said:

Where can a person find insurance on a mortgage loan?

We Answered:

Oh its really bad to know, i am suggesting you a link that can be helpful for you, just check out the link in the source box.