You can put the burden on the buyer to obtain this as a condition of closing escrow, naming you as the lender, and making the monthly PMI payments to you, which you will, in turn have to send to the insurance company, or you can make your own inquiry, and, of course, add the cost to the mortgage payments.
You need to select an insurer that is "admitted" to transact insurance in your state. Not every insurer in that short list may be able to provide you with coverage as an admitted insurer.
You still have to abide by the federal law governing the cancellation of PMI once the loan balance is below 78%. (( It is not a discussion of equity reaching 22% through property valuation increase, as many borrowers believe. ))
Posted: Fri May 06, 2011 07:01 pm Post Subject:
Try this link: http://www.loanpage.com/morpmi.htm
You can put the burden on the buyer to obtain this as a condition of closing escrow, naming you as the lender, and making the monthly PMI payments to you, which you will, in turn have to send to the insurance company, or you can make your own inquiry, and, of course, add the cost to the mortgage payments.
You need to select an insurer that is "admitted" to transact insurance in your state. Not every insurer in that short list may be able to provide you with coverage as an admitted insurer.
You still have to abide by the federal law governing the cancellation of PMI once the loan balance is below 78%. (( It is not a discussion of equity reaching 22% through property valuation increase, as many borrowers believe. ))
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