PMI
You might have heard that you need to pay for PMI or Private Mortgage insurance and here is why.
You might have heard that you need to pay for PMI or Private Mortgage insurance and here is why.
If coming up with 20% as a down payment for
your new home isn't a reality, that doesn't mean your dream of buying a new
home is on hold.
Lenders may offer you the opportunity to finance your home with a lower down payment, but they will likely require you to carry Private Mortgage Insurance (PMI). Simply put, PMI protects a lender from borrower defaults. Your monthly PMI fee will be paid along with your mortgage and increase your overall cost of homeownership.
The good news is that carrying PMI will not be required for the entire length of your mortgage. Once the value of your home has appreciated enough or you've paid enough against the principal value of your mortgage, your lender will allow you to cancel your PMI policy.
Still shopping for a mortgage and a new home? I'd love to touch base with you and learn more about the options you're considering.
I have an excellent Mortgage Broker / Lender on my Team, that I have used on many transactions, he has made all transactions go smoothly.
Lenders may offer you the opportunity to finance your home with a lower down payment, but they will likely require you to carry Private Mortgage Insurance (PMI). Simply put, PMI protects a lender from borrower defaults. Your monthly PMI fee will be paid along with your mortgage and increase your overall cost of homeownership.
The good news is that carrying PMI will not be required for the entire length of your mortgage. Once the value of your home has appreciated enough or you've paid enough against the principal value of your mortgage, your lender will allow you to cancel your PMI policy.
Still shopping for a mortgage and a new home? I'd love to touch base with you and learn more about the options you're considering.
I have an excellent Mortgage Broker / Lender on my Team, that I have used on many transactions, he has made all transactions go smoothly.
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South Broward Homes For Sale By City Or Zip Code from Tony Ortega on Vimeo.
Please work with me as your Realtor exclusively, I'll stay with you until we find your Home.
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Global Luxury Realty, LLC
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