Question
You have been offered a 30-year mortgage at 4.00% for $400,000. The original loan to value is 90% and thus the loan requires PMI. The
You have been offered a 30-year mortgage at 4.00% for $400,000. The original loan to value is 90% and thus the loan requires PMI. The PMI payment is $125 per month and will automatically terminate in the first month where the balance is below 78% LTV. Which is the first month of the loan where the beginning balance is less than 78% LTV?
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Financial Markets And Institutions
Authors: Frederic S. Mishkin, Stanley Eakins
6th International Edition
0321552113, 9780321552112
