Others may add to this because my numbers might be off. The loan was based
on the value of the house. The bank will have your house appraised. Like
your situation, the value of my house was much higher than what I was
borrowing so I was in great shape in that way.
I think if you are borrowing no more than 80% of the appraised value; they
can't or don't force you to pay for this insurance. I believe the idea is,
if you go bad on the loan, the bank should be able to get back their money
with this ratio.
Someone can correct me if this has changed or if the numbers are wrong.
Glenn
----- Original Message -----
From: "Heather Simoes" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>; <[EMAIL PROTECTED]>;
<[email protected]>
Sent: Friday, July 13, 2007 1:52 PM
Subject: Re: [UC] exiting the UPenn enhanced mortgage program
Thank you to everyone who replied to my email.
Glenn, thanks for the detailed answer. I was wondering - when you
refinanced, did you wind up having to pay mortgage insurance on the new
mortgage? I am worried about this, as it could add significantly to our
mortgage since we've only had the house for 4 years and don't have much
equity in it yet. I am hoping that the appreciation of the house value
since we bought it will offset this and we won't have to pay PMI, but I'm
not sure if that counts or if you have to have actual cash equity in the
house. Did you encounter this problem when you refinanced?
Thanks again,
Heather
From: "Glenn" <[EMAIL PROTECTED]>
To: "Heather Simoes"
<[EMAIL PROTECTED]>,<[EMAIL PROTECTED]>,<[email protected]>
Subject: Re: [UC] exiting the UPenn enhanced mortgage program
Date: Fri, 13 Jul 2007 13:28:04 -0400
Heather and Jeremy,
I'd strongly urge you to get it straight from the housing office and your
bank. I've seen some of these policies change. You certainly want to
plan in advance.
As I recall when I left seven years ago, I received a letter soon after I
left my job that I would need to refinance. If that is the case today,
you have new closing costs and changed interest rate that will effect you.
I did not plan in advance and almost got myself into trouble. I had
believed what someone else posted earlier that I could just get Penn's
obligation removed becuse my bank liked me. When I left my job, my income
was lower and I was lucky to be with the small bank. I barely qualified
for the new loan and was very lucky that the interest rate was either the
same or slightly lower.
I started the mortgage program in 1996 and somehow I missed or was too
inexperienced to realize that it was not as simple as I thought if I would
later leave Penn. I wasn't considering having to requalify for a new loan
when I resigned. Just make sure before you're committed.
Now, the enhanced portion, if it is still the same, is yours to keep as
long as you do not move or sell the house for the term. I ended up moving
to a different building for a time and had to give back much of that too.
I think if you're on a temporary leave for something like a one year post,
you can be excused but not if you leave Penn like I did.
Good luck,
Glenn
----- Original Message ----- From: "Heather Simoes" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>; <[email protected]>
Sent: Friday, July 13, 2007 11:03 AM
Subject: RE: [UC] exiting the UPenn enhanced mortgage program
Hi Jeremy,
I used the Penn mortgage program as well and may be in the situation of
having to leave Penn in a year or so. I was wondering if anyone had
responded to your email about refinancing. If you have any information
you can share, I would greatly appreciate it!
Thanks,
Heather
From: Jeremy Leipzig <[EMAIL PROTECTED]>
Reply-To: Jeremy Leipzig <[EMAIL PROTECTED]>
To: [email protected]
Subject: [UC] exiting the UPenn enhanced mortgage program
Date: Wed, 30 May 2007 16:12:05 -0400
Has anyone here gone through a mortgage refinance after leaving Penn?
I would like to hear your experiences, in particular which fees you
were forced to pay your lender and which were waived.
thanks in advance,
jerm
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