What Is PMI and How To Avoid It?

May 07, 2019

What Is PMI and How To Avoid It?. What Is PMI and How To Avoid It?

What Is PMI and How To Avoid It? video duration 4 Minute(s) 7 Second(s), published by Gustan Cho Associates on 22 07 2019 - 19:47:50.

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What Is PMI? * PMI stands for Private Mortgage Insurance
- Private Mortgage Insurance has no benefit to the borrower - It does not insure the homeowner Private mortgage insurance (PMI) is insurance coverage that homeowners are required to have if they're putting down less than 20% of the home's cost.

Watch a Bizarre Story! Check out this channel: https://www.youtube.com/channel/UCPWyycxlEz1JnWrNxecREqQ Is PMI tax deductible? Is PMI or MIP Tax If you had to get private mortgage insurance or PMI when you bought a home, Clark has good news! You can ditch it if your home meets certain specifications 1
What Is PMI? * PMI stands for Private Mortgage Insurance
- Private Mortgage Insurance has no benefit to the borrower - It does not insure the homeowner .

1. What Is PMI?

* PMI stands for Private Mortgage Insurance.

- Private Mortgage Insurance has no benefit to the borrower
- It does not insure the homeowner against anything
- The purpose of private mortgage insurance is for insuring the conventional mortgage loan in the event if the borrower defaults on their mortgage loan and the mortgage loan go into default
- A home buyer who has a conventional loan with less than 20% down payment, private mortgage insurance will be required
- Private Mortgage Insurance, PMI, insures and protects the lender in the event if the mortgage loan borrower stops making mortgage payments on their conventional loan and goes into foreclosure

2. What Is PMI On Government And Conventional Loans

* What Is PMI? One of the most common questions I often get asked by my borrowers is what is PMI?

- There are two types of mortgage insurance
- Mortgage insurance premium and private mortgage insurance (PMI)
- Mortgage Insurance Premium is for FHA Loans
- Private Mortgage Insurance is for Conventional Loans. Mortgage Insurance
- Whether it is FHA Mortgage Insurance Premium or Conventional Private Mortgage Insurance is paid by the borrower for the benefit of the lender
- In the event, if the borrower defaults on his or her mortgage loan and the loan defaults and goes into foreclosure, mortgage insurance will cover the lender
- Some of the questions I get asked often about mortgage insurance is the following:
- How much does mortgage insurance cost?
- How can I avoid paying private mortgage insurance
- When and how can I cancel my private mortgage insurance on my mortgage loan?

For more information about the content of this topic or other mortgage-related topics, please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com. Gustan Cho Associates Mortgage Group is available 7 days a week, evenings, weekends, and holidays.

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Other Video about What Is PMI and How To Avoid It?:

How to get rid of private mortgage insurance

How to get rid of private mortgage insurance

If you had to get private mortgage insurance or PMI when you bought a home, Clark has good news! You can ditch it if your home meets certain specifications .

What Is PMI and How To Avoid It?

What Is PMI and How To Avoid It?

1
What Is PMI? * PMI stands for Private Mortgage Insurance
- Private Mortgage Insurance has no benefit to the borrower - It does not insure the homeowner .

Private Mortgage Insurance (PMI)

Private Mortgage Insurance (PMI)

Private mortgage insurance (PMI) is insurance coverage that homeowners are required to have if they're putting down less than 20% of the home's cost.

Is PMI tax deductible?

Is PMI tax deductible?

Watch a Bizarre Story! Check out this channel: https://www.youtube.com/channel/UCPWyycxlEz1JnWrNxecREqQ Is PMI tax deductible? Is PMI or MIP Tax .

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