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Are You PMI-Savvy?
3 Questions
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Are You PMI-Savvy?

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@DeadCheapMossAgate

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Questions and Answers

What does the Homeowner's Protection Act apply to?

  • Homeowners insurance
  • Flood insurance
  • Private mortgage insurance (correct)
  • Title insurance

    • When can a borrower request that PMI be dropped from their loan?

  • Once they have obtained 10 percent equity in their property
  • Once they have obtained 40 percent equity in their property
  • Once they have obtained 20 percent equity in their property (correct)
  • Once they have obtained 30 percent equity in their property

    • When is PMI dropped from the borrower's loan without a request from the borrower?

  • When the borrower has obtained 20 percent equity in their property or at 80 percent LTV
  • When the borrower has obtained 22 percent equity in their property or at 78 percent LTV (correct)
  • When the borrower has obtained 25 percent equity in their property or at 75 percent LTV
  • When the borrower has obtained 30 percent equity in their property or at 70 percent LTV

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