Get Mortgage Insurance Disclosure 2013-2024

Notice Concerning Private Mortgage Insurance LPMI Initial Disclosure Date Loan Number Borrower Name Property Address You have applied for a mortgage loan from Lender that requires private mortgage insurance PMI. PMI protects lenders and others against financial loss when borrowers default* Your loan will have lender paid mortgage insurance LPMI. Lender paid mortgage insurance differs from borrower paid mortgage insurance BPMI in several ways and each form of insurance has advantages and disadvantages. First LPMI may not be canceled by you the borrower. By contrast borrowers may be able to cancel BPMI on either 1 the date the principal balance of the mortgage loan is first scheduled to reach 80 of the original value of the property or 2 the date the principal balance actually reaches 80 of the original value of the property. In addition assuming the borrower is current on payments BPMI automatically terminates on the date the principal balance of the loan is first scheduled to reach 78 of the original value of the property. Second LPMI usually 1 results in a mortgage loan with a higher interest rate than one with BPMI and 2 terminates only when the loan is refinanced paid off or otherwise terminated* Third LPMI may be tax deductible for purposes of federal income taxes if you itemize deductions on your return* Consult your tax advisor for details. The following analysis reflects the differing costs and benefits of LPMI versus BPMI 30yr Fixed Monthly P I Payment Total Monthly Payment 10 yr Principal Reduction 10 yr. Interest Payment 10 yr. MI Payment 10 yr. Total Payment Est. LTV after 10 years based on original value LPMI Fixed Rate Loan Assumptions Difference BPMI 648. 60 14 699. 33 63 132. 67 77 832. 00 85 300. 67 599. 56 80. 00 679. 56 16 315. 83 55 631. 37 9 600. 00 81 547. 20 83 864. 41 85. 30 83. 86 49. 04 30. 96 1 616. 50 7 501. 30 3 715. 20 1 436. 26 141 111 at end of 10 years based on 3. 0 1. 44 appreciation per year I/We have received a copy of this disclosure. Borrower Zlpmidis 01/2002 Estimated 0 month reserves due at closing 105 000. 00 Original Balance Original Loan to Value Ratio LTV 95. 24 Initial PMI Coverage BPMI 30 Yr. Fixed Rate with BPMI 6. PMI protects lenders and others against financial loss when borrowers default* Your loan will have lender paid mortgage insurance LPMI. Lender paid mortgage insurance differs from borrower paid mortgage insurance BPMI in several ways and each form of insurance has advantages and disadvantages. Lender paid mortgage insurance differs from borrower paid mortgage insurance BPMI in several ways and each form of insurance has advantages and disadvantages. First LPMI may not be canceled by you the borrower. By contrast borrowers may be able to cancel BPMI on either 1 the date the principal balance of the mortgage loan is first scheduled to reach 80 of the original value of the property or 2 the date the principal balance actually reaches 80 of the original value of the property. First LPMI may not be canceled by you the borrower. By contrast borrowers may be able to cancel BPMI on either 1 the date the principal balance of the mortgage loan is first scheduled to reach 80 of the original value of the property or 2 the date the principal balance actually reaches 80 of the original value of the property. In addition assuming the borrower is current on payments BPMI automatically terminates on the date the principal balance of the loan is first scheduled to reach 78 of the original value of the property.