The big announcement regarding the FHA Mortgage is the Annual Fee cost decreased a half a point.
FHA has two types of PMI.
The first type is upfront – that gets added to your loan balance – that is not changing.… more
Private Mortgage Insurance, otherwise known as PMI, is insurance that protects the lender in case the borrower is unable to pay the mortgage.
The benefit of PMI to the borrower on a conventional mortgage is that you may typically buy a home with only a 5% down payment instead of the traditional 20%.… more
All mortgage loans from the Federal Housing Administration require Mortgage Insurance Premiums, which is equivalent to the Private Mortgage Insurance charged by private lenders. In the past, the payment of these premiums could be dropped after a certain period of time, paying off a certain amount of the loan.… more
Private Mortgage Insurance premiums vary according to the amount of initial down payment and the size of the loan itself, though this usually ranges anywhere from 0.3% to 1.15% of the total loan amount.… more
People ask all the time, what’s the best low down payment mortgage home loan program. The question is hard, because there are so many. But one such program is Fannie Mae 97% Conventional Financing.… more
Private Mortgage Insurance (PMI) is required on most mortgages to protect the lender in case the borrower defaults on the loan. If a potential homeowner can’t come up with 20% down, PMI may be required to qualify for a loan.… more
The Walnut Creek, California-based mortgage insurer, PMI Mortgage Insurance Co., announced on Thursday an expansion that doesn’t just include Home Affordable Refinance Program (HARP) eligible loan owners or guaranteed -by-government-run conservatorships, Fannie Mae or Freddie Mac.… more
Private Mortgage Insurance Defaults Drop For Third Straight Month
According to the Mortgage Insurance companies of America, the number of borrowers applying for private mortgage insurance (PMI), as well as the number of defaults, were down for the third consecutive month.… more
According to the Mortgage Insurance companies of America, the number of borrowers applying for private mortgage insurance (PMI), as well as the number of defaults, were down for the second consecutive month.… more