Bank of America Mortgage Question

breaness · October 2011

Hello all,

My husband and I bought a house 2 months ago. We just got married and we now have a lot of money that we got from our wedding. The amount that we now have is equal to what we put down on the house (which was about 10%). We are going to meet with our CPA next month to discuss our options, but regardless, I'd like to see how much we'd save in PMI if we put this down on the principle and could get rid of it sooner.

I have logged into my mortgage on online banking with bank of america and I can see the breakdown as to what our payments go to, but I can't see exactly how much we're paying per month in PMI. How do you look this up?

Thanks!

breaness · October 2011

Just to add:

We already have a 6+ months' emergency fund, and the only 'big' project we have in the house, we are going to do, and will cost ~$500. So at this point it's about whether we'd rather invest, or put it into the house and knock some time off of our 30 year mortgage in the process. Obviously, I'm going to talk to our CPA first and not take the advice of strangers on the internet solely. The main point of this post was for help with the BOA online banking site

lgb78 · October 2011

In the account summary section, click on "transaction history", this will show you the PMI payments that are being made from your escrow account.

Susie Derkins · October 2011

Before you get too excited, check your mortgage docs to see if there's a minimum period of time that you have to pay PMI regardless of whether you hit 78% or 80% LTV before that. Our purchase loan with HSBC was 2 years; our refi loan with BOA is 5 years.

breaness · October 2011

Susie Derkins:
Before you get too excited, check your mortgage docs to see if there's a minimum period of time that you have to pay PMI regardless of whether you hit 78% or 80% LTV before that. Our purchase loan with HSBC was 2 years; our refi loan with BOA is 5 years.

I figured as much, but it would potentially get us there sooner and would certainly shave quite some time off the length of the mortgage.

nsfw · October 2011

lgb78:
In the account summary section, click on "transaction history", this will show you the PMI payments that are being made from your escrow account.

Also, if you get a paper bill from them it breaks it down on the back of the bill.

USER876 · November 2011

PMI used to be about 40 bucks per 100K of mortgage amount. Def check the fine print to see if there is some minium amount you must pay.

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