The warm temperatures this past week brought the beautiful tree frog known as the Spring Peeper out of hibernation and into its annual mating ritual. Although a frog of the woods, they mate in any
WHAT IS PMI PRIVATE MORTGAGE INSURANCE
If you are purchasing a home and your down payment is less than 20% most lenders require PMI.
Your premium is based on your credit score
Mortgage insurance helps the buyer to get a mortgage, but it protects the lender.
Once the LTV (Loan to Value) ratio drops to below 78%, borrowers can request that monthly PMI payments be eliminated.
There are 4 types of PMI
Borrower Paid - Most common, paid monthly until 22% equity in your home based on the original purchase.
Single Premium – This is an upfront lump sum payment
Lender Paid – This paid by the lender in the form of a higher interest rate
Split Premium – Least common, this is a hybrid of the first 2 types, borrower pays part upfront in a lump sum and part monthly
I am an experienced Realtor working in the Greater Hudson Valley Region which includes both Rockland and Orange County. My goal is to make my client's real estate experience a happy one. Because succe....
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