Borrower with less than 20% equity must have this on FHA-insured mortgages - 2004-01-20
DEAR BOB: I just refinanced my condo last week. At the closing, Iwas informed by the lender that FHA requires PMI (private mortgage insurance)although I have 29 percent equity. Is there anything I can do to save the PMImonthly cost? Pandora M.

DEAR PANDORA: Please don't confuse FHA's required MIP(mortgage insurance premium) with PMI, which conventional mortgage lenders usually require when the homeowner has less than20 percent equity.
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Securing a legitimate mortgage price - 2004-01-20
"What can a borrower do to stop lock failure?"

A lockfailure happens when a lender refuses to honor a mortgage price that a borrowerhad believed was guaranteed. In two previous columns, I discussed some of thereasons why locks fail, and why there is seldom any recourse for thedisappointed borrower. But lock failures can usually be prevented.
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