Some places use property taxes to pay for EVERYTHING. Some places prefer to use more sales tax... some use state income tax.
I have a $100K house in Akron assessed for I think $85K or so.
I pay $111 per month in tax escrow. That comes out to around $1330/yr.

And, in some places, the government just collects more revenue than in others. But, my state does have an income tax and a sales tax. I was thinking that the national average for property tax is between 1 and 1.5% of market value.

This does seem quite high for PMI. The lender should be able to tell you what the PMI factor is on the loan. For instance, at BofA, the PMI factor for a 90% (LTV) fixed rate loan was .52% and the factor for a 90% ARM was .61%

So you would take the loan amount $100,000 x .0052 = $520. Then you would take the $520/12 months and your PMI payment would be $43.34 a month.

You can go to this link for some more examples and common rates. http://www.loanshoppers.net/calculating_pmi.htm

I spoke with someone who is a State Certified General Appraiser and he told me that I was definitely paying too much for PMI. He told me that I should contact my bank and ask them who my PMI provider is. He said first see if they have a website and to see if they have the mortgage calculator where it calculates PMI. He said print screen the calculation and save it so that I can have a paper trail. He then told me to contact the PMI provider and ask them to explain to me why they are charging me so much and let them know that I went on there site and the amount I am paying is different from what they say the calculation is on their site. He said if they don't do anything about it, then I should contact one or more of the following people... He said they would have to give me a refund of the difference from the time I started paying the PMI

Consumer Fraud Affair
State Attorney General

Thank you guys for all of your input. I will get this settled soon. Oh and guys I am a gal. I saw one person say he.

Good Day,

TIE J

I found out who my PMI provider was and emailed them and ask them to explain how PMI works and how it is calculated. Then I ask them to give me the PMI on a 100,000 house @ 6.75% for 30yrs. This is the price of my house I bought and he replied back.....see below. Now if that is on a loan with an ltv 90% with average credit, they definetly charged me way too much because my loan was over 90% ltv with a fair credit score, not the best but no 348.33. I emailed him back to ask him what was the worst case scenario for someone who had a credit score in the mid 500s with the same calculations of my house. I am still waiting for him to respond....

Your understanding of private mortgage insurance is correct. In response to your question of cost, the answer it depends on a number of variables including credit score, debt to income ratio, loan to value and amount of documentation. An average loan with a 90% loan to value, with average credit etc... would have an annual cost of 52 basis point per year or approximately $43 per month.






TIE J

OH and they don't know I have PMI with them yet. Once he emails me and answer my second question, I will let them know.

TIE J

You are going through an investor relations contact that you have probably obtained on their website. This person is not going to be involved in enough detail to be able to answer your question himself - you might ask him for a contact in a customer service department.

Also, he might appreciate it if you edited your post to remove his name & number.