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The Watercooler
Stressing a bit
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<blockquote data-quote="AnnieO" data-source="post: 462175" data-attributes="member: 6705"><p>Lisa, here's what my banking-software-writing-really-financially-savvy Dad said - I sent him another question for clarification - but generally:</p><p></p><p><em>Usually</em>, if one buys a home and makes less than a 20% down payment, the bank/mortgage co can (and probably does) require "PMI", private mortgage insurance. The PMI would be where the payoff clause is - <em>not</em> the mortgage itself.</p><p></p><p><em>However</em> - due to a 1999 law, once the principal is paid down to 78% (or a total of 22% is paid off), the bank/mortgage co, <em>if they were collecting the funds for PMI</em>, must stop collecting. (If it was through a private co, the bank/mortgage co will have record of it, but it could have still been paid...)</p><p></p><p>Does that help any? You're not looking at the mortgage, you're looking for the PMI... <img src="/community/styles/default/xenforo/smilies/biggrin.png" class="smilie" loading="lazy" alt=":biggrin:" title="biggrin :biggrin:" data-shortname=":biggrin:" /></p></blockquote><p></p>
[QUOTE="AnnieO, post: 462175, member: 6705"] Lisa, here's what my banking-software-writing-really-financially-savvy Dad said - I sent him another question for clarification - but generally: [I]Usually[/I], if one buys a home and makes less than a 20% down payment, the bank/mortgage co can (and probably does) require "PMI", private mortgage insurance. The PMI would be where the payoff clause is - [I]not[/I] the mortgage itself. [I]However[/I] - due to a 1999 law, once the principal is paid down to 78% (or a total of 22% is paid off), the bank/mortgage co, [I]if they were collecting the funds for PMI[/I], must stop collecting. (If it was through a private co, the bank/mortgage co will have record of it, but it could have still been paid...) Does that help any? You're not looking at the mortgage, you're looking for the PMI... :grin: [/QUOTE]
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