Erik Reuter wrote:
>
> On Wed, Jan 01, 2003 at 04:07:17PM -0600, Julia Thompson wrote:
>
> > OK, Erik, I just went and looked over some mortgage statements from
> > when we had our original house loan being serviced by Fleet and we
> > were getting wonderfully detailed statements. On our mortgage, we'd
> > make a payment; a chunk of it would go towards the interest, a chunk
> > would go into an escrow account, and the rest would be applied towards
> > the principal. The escrow account would them make payments that look
> > to be the sort of mortgage insurance you're talking about. (The other
> > things that the escrow account would take care of were the homeowners
> > insurance premiums and the taxes, county, school and, after we were
> > annexed, city.) The monthly insurance payments went down gradually
> > over the course of 7 years.
>
> What percentage of the home price was your down payment? What percentage
> of the home purchase price do you currently have in equity?
We closed with as little down as possible. I think we put down less
than 3% of the purchase price when we purchased in 1994. The last month
I have a statement for had us still owing more than 80% of the purchase
price.
> > I don't think you can not pay into mortgage insurance, if it's
> > determined that you ought to have it. So the option of *not* having
> > the mortgage insurance may not be available in many cases.
>
> M.I. is required for less than 20% down-payment, from everything I've
> read. I did read an article that said that sometimes people continue
> paying the mortgage insurance when they don't really have to (they've
> reached 20% equity or whatever). You might want to check to see if you
> can legally stop paying it.
Well, considering that we refinanced in 2001, and then sold the place
last month, I think we're OK there. :) I don't have any statement of
anything on the new house handy.
Julia
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