Current Hawaii Mortgage Rates
Quick Mortgage Definitions / Terms / Facts
What is the minimum down payment required in order to eliminate PMI?Typically, on a primary residence, the minimum that you need to put down to eliminate PMI is 20%. If you are putting less than this down, but wish to avoid PMI, we may have alternative products and pricing options.
How long will I be required to have PMI on my loan?
The Homeowner’s Protection Act of 1998 allows borrowers whose loans originated after July 29, 1999, to request cancellation of PMI at 80% loan to value LTV based on amortization or actual payments if the borrower has a good payment history, if the borrower provides evidence the property value has not decreased, and certifies there are no subordinate liens on the property. Borrower paid PMI will be terminated at 78% LTV based on the amortization schedule if the loan is current. If none of the above is done, PMI will terminate automatically at the midpoint of the loan term.
First Steps to Getting a Mortgage?
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