PERSONAL FINANCE FAQS

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PMI (Private Mortgage Insurance)

Personal Finance FAQs

What is my loan-to-value ratio?

What is the Homeowner's Insurance Protection Act of 1998 (S.318) and how will it affect my mortgage?

Why do I need a market analysis or appraisal?

What is my loan-to-value ratio?

Your loan-to-value ratio compares the lesser of the original property value or purchase price to the current loan balance to determine the percentage of equity you have in your home.

What is the Homeowner's Insurance Protection Act of 1998 (S.318) and how will it affect my mortgage?

President Clinton signed the Homeowner's Protection Act of 1998 on July 29,1998. The Act became effective July 29, 1999 and requires that mortgage lenders and servicers cancel Private Mortgage Insurance (PMI) when certain criteria are met.

Why do I need a market analysis or appraisal?

You need a market analysis or appraisal to verify the current value of the property at the time of a request for deletion of PMI. You also need it to confirm a property has not declined in value since origination.

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All loans and lines of credit are subject to credit approval, acceptable collateral and available equity, and are originated by Wachovia Bank, National Association, Wachovia Mortgage, FSB, Wachovia Financial Services, Inc.,or Wachovia Bank of Delaware, National Association. Products are not available in all states and are subject to change without notice. Certain restrictions apply.

Banking and financial services offered by Wachovia Bank, National Association and its affiliates. See specific product pages for details.

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