Private Mortgage Insurance

Are you planning on buying a property but don’t have the 20% down payment required by lenders? Don’t worry, there are still options available to you! Private Mortgage Insurance (PMI) is a common way to protect lenders when borrowers put less than 20% down. But did you know there are three different strategies for paying PMI? In this blog post, we’ll break down each strategy and help you decide which one is right for you. So let’s dive in and learn about the 3 Strategies to Pay PMI! 3 Strategies to Pay PMI When it comes to buying a property … Read more

If you’re buying a property and putting less than 20% down, you will likely be required to pay for private mortgage insurance (PMI) to protect the lender in case of default. The rate you will be charged for this insurance is not a made-up number, but is instead determined by several primary factors and additional adjustments. The primary factors that impact your PMI rate include the loan-to-value (LTV) ratio, your credit score, the loan amortization term, the coverage amount required by the lender, fixed or variable payment amounts, and the length of time you’ve been paying the rate. In addition, … Read more