What is PMI (Mortgage Insurance) and How To Get Rid Of It! (feat. Lizy Hoeffer)

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[JoseJimenez-ocwm]

My wife and I are currently in approved with conditions. Hoping this deal happens finally. Renting for a number of years in the Bay area and we are so over it. Time to invest in ourselves. Thank you for your content. I want to say your videos made me 80% more confident. Keep doing what you do. Super informative

[bettysmith]

Had PMI, got rid of it as soon as the value of my house went up significantly in a couple years! I had the option of FHA or conventional, and FHA was much higher payment even when I put 5% down.

[Badfromstock]

Can you make a video on buying pre/foreclosure homes?

[popcycleism]

Our silent killer in CA was the over inflated property tax that is equal amount to the mortgage in new developments. The question is for how long? It's not even a Mello-Roos.

[waterloo]

That was amazing! Great information, thank you!

[elonr]

PMI and property taxes are the only reasons I currently don’t own
$2500 is a great monthly payment for my family but trying to find a decent home in in a good school district in Los Angeles is impossible

[empresslonnielove]

Great video . My spirit keeps telling me save me save for a conventional loan 😂😂😂😂

[warholcow]

How can you tell from your bill that you have made payments that would be 20%? So if you bought your house for 400, 000 and put 10% down (40, 0000) once you have paid 40, 000 more toward the principal (total of 80, 000 on principal and not interest, home owners insurance, property taxes, etc) Is that when you can ask for PMI to be removed? I am not sure I am understanding how you pay to get the 20% and when you know you have reached it.

[Dubsv]

Being honest, I’m an ex convict, been out 2 1/2 years after serving 24 years. I’m looking in to buying a home in either Arizona or Nevada, (I’m from California). I make approximately 50k per year, and am wondering which market would be best for me, and how much I need to put down. My credit score is nearly 800.

[StephanieWeeks]

Also you can discover how much PMI you're paying in your closing packet amortization schedule. Great information, thanks for sharing Javier!

I subscribed! If you get a chance I'd love to hear your feedback on some of my videos.

[coreysolberg]

Hi Javier, do you have any examples of maybe former clients that chose to pay the mortgage insurance up front? Is it cheaper to pay it up front? I guess what I mean is, are the PMI costs fixed? Like If I pay it up front is it X, if I pay it monthly it is still going to add up to X? Or is there more of an incentive to pay it up front?

[Jeffjames]

Pretty sure with VA, you still have to pay monthly mortgage insurance. The funding fee gets added to the loan.

[eldiegou]

I am currently refinancing my house and i am putting money down so I can get rid of the PMI payment also. My actual interest rate is %4.8 and the new interest will be %3.2. my pay off is $270 000 and my new loan is $245 000 @ %3.2 and no PMI. my concern is that I am putting $30 000 down plus $7000 of closing. that is $37000. that can go to my principal in my current loan lowering my debt to $230 000. Should I invest my money in the principal payment and then refinance a lower amount? seems to me that putting $37000 to my principal will be the better option. but I will keep the PMI and the %4.8 interest as well.

[LydiaSantiago]

Great Thank you for sharing your knowledge

[erikarojas]

Se puede remover el PMI en un FHA sin necesidad de refinanciar?

[soniaarguellesrobertson]

I make 50K with a credit score 750+ but I only have a 3.5% down payment. Which type of loan do I qualify for FHA or conventional and how can I drop the PMI?

[ilovemykdc]

Javier, how much would the pmi cost if i pay it upfront ? is it a certain percent ? i’m looking at buying a 400k house. thanks

[aprilcloyce]

My credit is 755. Home is 390 I have 30g down and my pmi is 300 a month is that a lot Ty rate is 5.125

[MrErnestlawson]

Does PMI goes to the payment of the home

[tdot]

So I had a 645 credit score & my mortgage lender told me that my intrist rate was higher than the 3.6% I seen online because I used a chfa downpayment program. They gave me a 4.3% interest rate but I was so far into the process that I didn't want anymore credit hits by having a bunch of other lenders give me rates as well.