Jaime Charouf Blog

Frequently Asked Questions about PMI

Frequently Asked Questions about PMI!

 

What is PMI?

Private Mortgage Insurance (PMI), is insurance that protects a lender or investor against loss from borrowers that stops making their mortgage payments.  It allows a home buyer to put down as little as 3% instead of 20%.

Borrower may cancel PMI once certain conditions are met by the lender or investor.  Typically, once your mortgage balance reaches less than 80% of the house value, you may cancel PMI.

Pros of PMI?

The advantages of Private Mortgage Insurance (PMI), it allows individuals to purchase a home sooner because they don't have to accumulate the typical 20% down payment.

Cons of PMI?

The disadvantages of Private Mortgage, it adds to the expense of your mortgage payments and house ownership in general.

 

If you're curious how lenders actually calculate PMI, you can visit Radian which is one of the several MI companies that lenders go to.

At EZ Funding Group, Inc. when we are searching for a lender for our customers, we also search the best MI company to use for that  particular client as MI rates do vary from MI company to another and it's due to multiple factors like the Loan to Value or credit scores and so on.

If you are in the market to purchase a home, please don't hesitate call Jaime Charouf today at 954-318-1100 for a FREE no obligation consultation.

 

Visit my website for free school reports in this area Pick Your Future Neighbors

 

Jaime CharoufCDPE, REO, Loan Originator, Financial Professional, Broker/Owner

 

 

 

 

     

 

 

 

 

 

 

 

 

 

 

 

 

 

For All Your Real Estate, Mortgage, and Insurance needs!

EZ Realty & Investment Group, Inc.

 

 

EZ Funding Group, Inc.

 

Office: 954-318-1110   Cell: 305-458-2944

 

Emai: jaimec@ezfunding-realty.com

 

 

 

 

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Comment balloon 0 commentsJaime Charouf • January 21 2014 01:31PM
Frequently Asked Questions about PMI
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Frequently Asked Questions about PMI! What is PMI? Private Mortgage Insurance (PMI), is insurance that protects a lender or investor against loss from borrowers that stops making their mortgage payments. It allows a home buyer… more