PMI on HARP 2 Loan
If you previously had a mortgage loan with monthly PMI, but it has subsequently been removed and you are seeking to replace that loan with a HARP loan, are you required to have PMI on the HARP loan? by gleban_202_280 from Atlanta, Georgia. Apr 10th 2012
James Stachyra (Jstachyra)
#65 ranked lender in Illinois - 10 contributions
If you had MI before you have to have MI again - Send me a private message and I can see if I can help you. If you are dropping the rate from 6.5% to 5 it is worth it. It all depends on who currently holds your current MI though.
Brandi Lane (brandilane)
#46 ranked lender in Georgia - 1 contribution
Hi, If you currently do not have PMI you will not be required to have PMI on the HARP program. Rates are currently in the 4s on the HARP program. Thanks, Brandi
Daniel Lotter (dnllotter)
#26 ranked lender in Colorado - 58 contributions
No - If you do not have MI on the current loan you can not have MI on the new loan.
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
If your loan originally had PMI, and it was later cancelled because it was no longer required. The fact that your loan currently does not have PMI means that under HARP, you should not be required to have PMI. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
If there is no PMI now, there will be no PMI on the new loan.. subject to the MI company being accepted by the new lender.. (just because you didn't have a monthly premium, does not mean the loan is not insured..so the certificate needs to transfer)WilliamAcres.com
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
i have someone that can do your loan.. lindaforloans@live.com
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