How Private Mortgage Insurance Works PMI

PMI

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.

Esign Video Instructions from Dotloop

Differences Between a Pre-qualification Letter and Pre-approval

I Want to Get a Loan Debt-to-Income Ratios Explained

Closing Costs

Monthly Mortgage Payments Calculator

The Home Inspection Why You Should Order One

How To Improve Your Credit

Broward Homes For Sale – Find your Dream Home

 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.

www.SouthBrowardHomesbyTony.com

Stay Safe and Healthy

                   
        

Visit our Website:  www.SouthBrowardHomesbyTony.com

Antonio Ortega LLC Licensed Real Estate Professional

Text or Call 954-648-6095

Global Luxury Realty, LLC

Click Here to Contact Us

South Broward Homes For Sale, Private Mortgage Insurance, PMI, Broward, Fort Lauderdale, Plantation, Davie, Hollywood, Southwest Ranches, Cooper City, Weston, buy a home, search MLS Listings

Home Buyers Important Information

By now you should have looked at some of the listings I’m sending you and realize that they are updated every few hours, so that you’re always looking at current information.

Home Loans Interest Rates are low, save thousands if you buy now before they go back up.

There are a few methods for roughly estimating how much home you can afford. Ideally house payment should be no more than 25% of your gross monthly income (before taxes and deductions).

Now days a lots of people pay more than this 25% in house payments, 35% is not unheard of.

As interest rates climb the market will correct by moderating home prices, most buyers buy when they need to regardless of interest rates.

You can enter a Zip Code or City in the Search or "Discover Your Dream Home" on our main secure site and it will pull up all the Home Listings for sale in that zip code or City.

Save time click on the Heart by the pictures on the Listings I'm sending you of Homes that you like, this will place these Homes in your favorites, and they will be easier to find later, once we start looking at homes, I find that most of my customers end up choosing one of these Homes.

I can help you weather you're Buying or Selling your Home Commercial Property or Business Opportunity.

How Real Estate is Sold in Florida – What I can Do for You:

There is a Listing Agent and a Buyer's Agent, all offers are presented to the Listing Agent by the Buyer's Agent and the listing agent must present all offers to the Sellers.

Sometimes the listing agent is looking out for the interests of the Sellers, especially true at open houses, while I will be looking out for your interests.

I'll insert special wording in your Offer to Purchase with your protection in mind,  I want to make your Home Buying Journey as easy and enjoyable as possible.

PQ Letter or Pre-qualification Letter - Proof of Funds Letter if Paying Cash

I strongly suggest that you get a Pre-qualification letter or Proof of Funds Letter if Paying Cash, increasingly seller and sellers' agents prefer qualified clients, they don't want to be showing the houses to people that don't have a PQ Letter or Proof of Funds Letter.

Sellers don’t want to take their property off the market unless they know that the buyer is pre-qualified or pre-approved, so it’s very important to have one if you want your offer to be taking seriously.

I have a Mortgage Broker / Lender on my Team, that I have used on many transactions, he has made all transactions go smoothly.

Nowadays the Offer to Purchase and all related documents are signed electronically, it's convenient  and efficient this way.

The E-sign Act Granted Electronic Signatures the same Legal Status as Handwritten Signatures throughout the US

We use Dotloop for E-Sign

Esign Video Instructions from Dotloop

Differences Between a Pre-qualification Letter and Pre-approval

I Want to Get a Loan Debt-to-Income Ratios Explained

Closing Costs

The Home Inspection Why You Should Order One

How To Improve Your Credit

As soon as you get your house keys check with your local Tax Office to see how much you can save on taxes, sometimes there are deadline for filing, here in Broward it is BCPA.net

As I work for you, behind the scenes, all that I ask for in return is that when you start looking at homes that you work exclusively with me as your Real Estate Professional, if you're working with me now or plan to soon Thank you, my son and I appreciate it.

Stay Safe and Healthy

                   
        

www.AntonioOrtegaLLC.com     For Residential Properties

www.AntonioOrtegaLLC.net       For Commercial Properties
        

Visit our Website:  www.SouthBrowardHomesbyTony.com

Antonio Ortega LLC Licensed Real Estate Professional with Global Luxury Realty

Text or Call 954-648-6095

Click Here to Contact Us