🏡💰If you put less than 20% down when you purchased your home there is a good chance you have PMI, or Private Mortgage Insurance included in your monthly payment.
➡️🚫In this lesson I go over everything you need to know about how to refinance to get rid of PMI, lower your monthly payments, and potentially pay off your mortgage even faster!
🎥🌟Tune into the full video (IGTV) for all of the details. If you’re someone who could benefit from a PMI elimination, give us a call to discuss more: (860) 413-3938. We’ll talk to you soon!
Did you know that your monthly mortgage payment is used to pay for different things? A portion of it is used to pay the principal on your loan. Another portion of it is used to pay the interest on the loan. Some of it is used to pay property taxes, and the last portion of your monthly mortgage payment is used to pay homeowners insurance and private mortgage insurance. -
What is private mortgage insurance? I’m glad you asked. Private mortgage insurance, abbreviated PMI, is money that the lender charges the homeowner each month to help protect the lender against losses that would result from the homeowner defaulting on the mortgage. PMI only has to be paid if the remaining loan amount exceeds 80% of the property’s value. -
Image provided by @castlecookemortgage - #realestate#realestatetips#realestateadvice#privatemortgageinsurance
What is PMI? (Private mortgage insurance) this makes up about .05-1% of your mortgage total. If you did not put 20% down on your loan, you have PMI.
To keep this short. Fact is, a good chunk (50-100$) in your monthly mortgage payment goes towards this PMI and if you’ve lived in your home for 2 years or more, you can possibly start saving that money.
What many should know is that once your home has established 20% equity of what the home is worth, PMI has to be asked the be taken out of your payment otherwise, your lender will wait until you have a 78% loan balance left to go on your mortgage to exclude PMI from your loan.
Point is, talk to your lender about PMI. See if/when you can start excluding PMI off of your mortgage payment every month.
Everyone please have a fun and safe weekend!!! 😎
To remove PMI, or private mortgage insurance, you must have at least 5% equity in the home, and a good standing FICO score. Make the intelligent choice and do this as soon as possible.
1 831 October, 2019
Are you overpaying? You are if you have Private Mortgage Insurance! We offer programs without PMI even if you are putting down less than 20%, call us today whether you are purchasing or refinancing!
Swipe left! 👈 When you are buying a home, you may run into a number of hurdles to complete the purchase. One of the items that you may be asked to purchase is called private mortgage insurance, often shortened to PMI. This is a unique insurance policy that your lender, such as the credit union or bank, may ask you to buy in order to protect themselves. In this insurance policy, the bank protects themselves against losing money if you end up defaulting on your loan.
Unfortunately, if you are asked to purchase PMI, this will increase your monthly mortgage payment. Therefore, most people try to avoid it. Fortunately, there are a few ways to do this.
Check out our Link in Bio for more!
If you’re looking to purchase a home with a #LowDownPayment and want to avoid the expense of #PrivateMortgageInsurance , then look no further than the PMI Saver Loan through Mortgage Center. To learn more, call 800.353.4449 or visit the link in our bio.
In every conversation with a potential home buyer they ask me about PMI.(private mortgage insurance)
It’s a super deterrent and some people won’t buy a house if they have to pay PMI. But that’s the wrong strategy. -
The interest rate isn’t the only thing that affects the size of your monthly payment. Additional costs like mortgage insurance also play an important role.
A lot of people don’t know that mortgage insurance rates aren’t the same across the industry. They vary with each lender and provider.
When we’re reviewing and comparing your loan, we aren’t just looking for a lower rate. We look at EVERYTHING. And lucky for you, we have access to exclusive low rates on loans that require mortgage insurance.
Banks and credit unions not only don’t have access, they also don’t bother to look.
Lower insurance costs = a lower monthly payment.
Go to www.LoanEstimateReview.com now to submit your lender’s estimate. Or skip the extra time and hassle and get your first Loan Estimate from us.
Loan Estimate Review is owned and operated by Seafirst Financial Services (Lic. MB-866808) 100 West Harrison, North Tower Suite 510, Seattle WA 98119 Ph: 206.315.9229 a licensed branch of, and who provides mortgage services through AmericaWest Financial, LLC (lic. MB-66531) 23725 230th Place SE, Maple Valley WA 98038. Ph: 425.433.0744
What is Private Mortgage Insurance? Why is it a beneficial tool? How do I figure out how to best use it? How can I get someone else to pay my PMI? 😮😀👍
If you want answers to these questions, check out our latest video!! 🎬 We also go over the 3 different types of PMI and help you figure out which one you should use!💯
When you get a mortgage, the lender is taking a risk by giving you a large amount of money. That’s where PMI comes in. PMI is insurance for the bank, not for you. If you were to default and they foreclose on your house at a loss, the PMI will help them cover this loss.
PMI in short is what allows you to buy a house while putting less money down.
The only loan that does NOT have PMI is a VA loan (which are truly the best) so veterans be sure to contact me!
Understanding what Private Mortgage Insurance (PMI) is allows you to make a wiser decision on purchasing your home if your saving does not hit 20% down payment requirement of conventional loans. Here’s the comparison, an example of the cost of a mortgage on a $200,000 home with a 5% down payment & PMI, compared to a 20% down payment without PMI. It shows that the larger the down payment you can make, the lower your monthly housing cost will be, that's the common sense, however a wisdom from Freddie Mac: "It's no doubt an added cost, but it's enabling you to buy now and begin building equity versus waiting 5 to 10 years to build enough savings for a 20% down payment." Consult with your loan officer or let's talk to help you make the best decision for you and your family. #seattlerealestate#realestate#trustagent#privatemortgageinsurance#pmi#realtor#buyingahouse#buyingproperty#cltanggroup
2 210 July, 2019
Home loans will require mortgage insurance if you have less than a 20% down payment. #PrivateMortgageInsurance or PMI is between 0.35% – 1.0% annually depending on the type of mortgage program you choose. FHA loans PMI is 0.85% of the loan amount, and is required for the life of the loan. Conventional mortgage PMI is 0.51% and is required until the loan balances reaches 78% LTV. To remove PMI on your home loan you’ll need to have an LTV ratio below 78%. If you have an FHA loan you may need to refinance into a conventional loan to get rid of PMI.⠀
👊 The Facts: PMI is in place to protect the lender when there is less than 20% equity built up in the home. Once more than 20% equity is in place, PMI can be removed. PMI will automatically be terminated when the principal balance reaches 78% of the original value. Cancellation can be requested sooner in writing if the home value has increased enough. Contact your mortgage company for exact requirements and instructions. Your Close Loan Specialist is here to explain the exact requirements and instructions for doing this. We can answer your questions and help you every step of the way!
⠀⠀⠀⠀⠀⠀⠀⠀⠀ #mythbusters #firsttimehomebuyer #privatemortgageinsurance #homeownershipjourney
Most buyers have private mortgage insurance because they are purchasing their home with less than 20% down. We offer exclusive low rates on required mortgage insurance that can save you hundreds of dollars each month. Don't pay more than you have to, apply today! 📱954-654-3910
PMI #privatemortgageinsurance is a term you probably have heard if you are in the search for a new home. Today I am going to explain:
-What does PMI stand for
-How much does it cost
-In which cases does it apply
Please let me know if there is any question about this or any other subject in your #dreamhomesearch ! I am always happy to hear from you and help in any possible way I can.