ERA Mortgage does not inform the homeowner of the PMI costs until closing. I am a single mother of two, and I was informed that PMI was my home insurance. So, I assumed it was homeowners insurance when I applied for my home loan. Later, you are told you must have this until you have the 20% equity in your home and are not given the opportunity to choose your own PMI rates. I pay over $1500 a year for PMI. My homeowners rates are not even half of that amount.
Its very sad with the ecomony right now and homes not increasing in value in depressed areas that you continually have to pay this outrageous rate. The fee could be put on the principal. Why are the rates so outrageously high.
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