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Mortgage Refinance PMI

Anthony Garcia
UpdatedJun 7, 2024
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    1 min read

Ethan Ewing, President of, gives you free information on PMI, private mortgage insurance.

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Ethan Ewing, President of Bills. com, gives you free information on PMI, otherwise known as Private Mortgage Insurance. Bills. com offers consumers free mortgage quotes and tools to help you find, learn, and save.

Video Transcription;

"Hi, my name is Ethan Ewing, and I am the president of Bills. com. Today I want to talk to you about a very common mortgage term, PMI or Private Mortgage Insurance, for anybody that’s going to buy a house and is putting less than 20% down as a down payment you will be required to pay PMI, it just comes across just as a monthly premium, you pay it each and every month, it usually goes into your mortgage payment.

What PMI does is there is no benefit to you as a borrower, even though you are paying it, it is a benefit to the lender, the bank, the servicer whoever owns you a loan, in the event that you default. The reasoning behind it is in situation where a borrower or a buyer is coming and not bring a lot of money – not investing lot of money in that house, the bank wants to make sure they are covered in the event that you default. So, keep in mind, once you get to that 80% level, really once you get to 78% , you have built some equity in your house over time then the bank is forced or required by the government to drop that coverage and they will send you a notice saying that you don’t need to make this payment .

Hope that helps and we will see you next time."

Mortgage market: a pulse check

Mortgage rate fluctuations should come as no surprise. If you are buying a home or refinancing your existing mortgage, it is important to stay informed about the current mortgage rates.

Mortgage rates April 10, 2024
According to Freddie Mac, the 30-year mortgage rate for the week of April 10, 2024 stands at 6.88%. This 6 basis points increase from the previous week's rate.
Additionally, Freddie Mac reports that the 15-year mortgage rate for April 10, 2024 is 6.16%, indicating a 10 basis points increase from previous week’s rates.
Note: A basis point is equal to one-hundredth of one percent (0.01%). In numerical terms, if the mortgage rate changes by 20 basis points, it means the rate has changed by 0.20%.

What does the mortgage rate mean for you?
Mortgage rates play a vital role in determining your monthly payment. Let's take a look at the avergage interest rates (APR) for April 14, 2024 based on Zillow data for borrowers with a high credit score (680-740) in the United States:

  • For a 30-year conventional loan, the interest rate is 7.09%.
  • If you opt for a 15-year conventional loan, the interest rate stands at 6.29%.
    Using the rates mentioned above, a $279,082 30-year-year mortgage would result in a monthly payment of $1,874. On the other hand, a 15-year mortgage would require a monthly payment of approximately $2,399.

Explore your options and secure pre-approval today!
To make your life easier, we highly recommend shopping around for mortgages and getting pre-approved. This will streamline the home-buying or refinancing process and make it a breeze. Ready to get started? Check Out mortgage rates now for the best options available.



RRose, Feb, 2012
Dear Bill, You stated PMI doesn't disqualify me...that sounds good, who or what "Bank" would you recommend I work with? Here are my stats, Home value (zillow) $129,000 Current Balance: $185,000 with PMI(Private Mortgage Insurance) Fair Credit, Current interest rate 6.75% Monthly note (never late) $1490.00--- So now what? I spoke quite a few Lenders---only for them to say: "We only go up to 125% of the LTV for Homeowners who have PMI. I have consulted with the HARP people and still, lots of red tape! I wish it were HARPO instead of HARP, I might actually get a loan from Oprah---smile! Can you point me in the right direction?Thanks,Rose
BBill, Feb, 2012
The 125% limit was lifted in the HARP 2.0 program. If your original lender/servicer can not qualify you, then you will have to wait till the other lenders are running the automated underwriting systems. The expected date is March 2012, although some might start to take applications earlier. Before you begin to look for lenders, make sure that you have the information about the Mortgage Insurance Company holding on to your PMI. Check back to and get a mortgage quote.