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Courses in this Department

Want to Invest in Real Estate?

How to Hire a Realtor

What's the Key to Locking in a Mortgage?

How to Improve Your Credit

Watch out for Mortgage Fraud

Need a Buyer-Broker?

Learn How to Best Insure Your Home and Save Money

Avoid Trouble on Your Kids Mortgage

Downward Direction for Down Payments

How to Hire a Contractor

Save Money by Cancelling Your Private Mortgage Insurance ("PMI")

Crunch the Numbers and Drop Your Private Mortgage Insurance ("PMI") Payments

Who's Watching your Deposit Money?

Remodeling Value: Your Best Investments

More Than One Way to Pay for Remodeling

File Your Income Tax Returns Early and Save Money

Types of Loans Available for the Self-Employed

Top Five Homeowner Tax Saving Ideas


Pop Quiz

True or False:

1. PMI insures your lender in case you default on your loan-- it doesn't insure you, the borrower, for anything.
True False

2. For loans made after July 29, 1999, the new PMI Act requires a lender to cancel your PMI automatically once you've paid off 10 percent of your property's original value.
True False

3. Ways to figure out your home's current value include: obtain an appraisal, study what homes have sold in your neighborhood on the Internet, or read the local real estate ads.
True False

4. If you got your loan before July 29, 1999, you can request to have your PMI canceled.
True False

5. You can request to cancel your PMI when your home equity reaches 20 percent or you've paid off 20 percent of the loan balance.
True False

6. Even if you haven't paid off 20 percent of your home's original value, you might qualify to cancel if your home has appreciated in value since you bought it.
True False

7. Homeowners with a history of late payments still qualify to have their PMI cancelled automatically.
True False

8. You can reach 20 percent faster by market appreciation, improving your home, or paying off your loan principal faster.
True False

9. If you have a home equity loan, and the loan balance in addition to your mortgage loan exceeds 80 percent of your home's value, you do NOT have enough to cancel PMI.
True False

10. A request to cancel PMI can be made verbally over the phone.
True False

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