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Glen Said:

can an existing private mortgage insurance premium be increased during the mortgage term?

We Answered:

Yep, you can count on it too. It will not remain the same for 30 years.

Maurice Said:

How to have Private Mortgage Insurance removed from your mortgage payment?

We Answered:

Pay enough into your mortgage balance so that you've got 20% equity in your house.

That's it. That's the only way. You can pay for an appraisal, and see if your house went up enough in value, or you can pay the balance down. PMI is required on all standard mortgages, until you have 20% equity.

Javier Said:

When does Private Mortgage Insurance kick in?

We Answered:

No, I'm sorry. Private mortgage insurance (PMI) protects the lender, not you. It only kicks in when you default on your loan, and then only to make sure that the lender doesn't lose money.

Thomas Said:

private mortgage insurance, why didn't it help in this crisis?

We Answered:

Unfortunately the vast majority of the loans that were structured in the most recent sub prime market that ended up at the center of this fiasco were structured in such a way as to not have PMI. Basically PMI is required anytime you obtain a mortgage for more than 80% of the balance. So if you put down less then 20% down then you were required to have PMI. However, under the loan conditions that were in this market you could obtain a 2nd mortgage for the 20% and thus not have to have PMI. Hence the private mortgage insurance program has not been as involved as it would have been in times past.

Good Luck!

Doris Said:

Can you explan private mortgage insurance and how it is calculated?

We Answered:

ew

Annie Said:

How will you report private mortgage insurance this year?

We Answered:

For mortgages initiated in 2007 (original purchase or most refinancings), private mortgage insurance is deductible for taxpayers with adjusted gross income under $100,000.

This provision has been approved for 2007 only. The deduction will be included on Schedule A and available only to taxpayers who itemize.

The IRS has provided more details here:

http://www.irs.gov/publications/p553/ch0…