Posted by Vince/KS on 2/14/08 12:52pm
Msg #235285

Increase in number of refinance loans with PMI

Is anyone else noticing an increase in the number of mortgages being done with PMI? These seem to be more frequent here recently - instead of offering a HELOC.

Reply by MistarellaFL on 2/14/08 12:53pm
Msg #235287

Yep, I'd say more than half are including PMI, and most are an upfront payment listed on the HUD, rather than adding it to their monthly payments.

Reply by Becca_FL on 2/14/08 1:32pm
Msg #235294

As home values fall so does the equity you have in your home. PMI is required on loans that are > 80% LTV.

Reply by Vince/KS on 2/14/08 1:41pm
Msg #235295

Becca, I was trying to point out two items

Yes, home values are dropping leading to the necessity of the PMI and until recently, most of the closings that I was doing were "piggybacks" (refi and HELOC) for the same situation. The trend has changed. Sorry I did not make the points more clearly.

Reply by bfd110_IN on 2/14/08 2:15pm
Msg #235298

and with the upfront fee

I have noticed the loan officers are neglecting to inform the customer of this. Always a great surprise at the table.

Reply by MelissaCT on 2/14/08 3:57pm
Msg #235312

PMI tax deduction

I thought that I'd read somewhere that starting in 2007, PMI can be a tax deduction...any tax pros can confirm or deny this?

Reply by MelissaCT on 2/14/08 3:59pm
Msg #235313

Re: PMI tax deduction - link to article

http://www.mortgagenewsdaily.com/1262007_PMI_Tax_Deduction.asp