NewBuyer Blog » PMI

Private Mortgage Insurance

Elizabeth Dennis — Wed, 13 Jan 2010 21:34:16 +0000

A high-quality look at private mortage insurance, also known as PMI, mortgage insurance, or MI.

See how choosing to carry private mortgage insurance can get you into a home sooner by removing the need for a large down payment. Also learn how a piggy-back mortgage loan can accomplish the same goal as PMI by getting you into your new home with less down than the standard 20% down.

Understanding Private Mortgage Insurance

NewBuyer — Sun, 10 Jan 2010 17:02:26 +0000

A valuable primer on private mortgage insurance answering “what is it?” and “what does it do for me?” From the resource: “Private MI enhances a borrower’s ability to attain a homeownership situation that is right for them. Not only can private MI help put people in homes, but it can help put people in homes in which they want to live.”

Source: HSH

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Private Mortgage Insurance

NewBuyer — Mon, 28 Dec 2009 23:00:36 +0000

A current, solid look at private mortgage insurance and the new law affecting it (and you). Topics include the benefits of PMI, new PMI requirements, The Homeowner’s Protection Act (HPA) of 1998, how to cancel or terminate PMI, what disclosures does the HPA require and what to do if your home value has increased?

A definition of PMI from the resource: “PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home’s value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI.”

Source: Federal Reserve Bank of San Francisco

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Down Payments and Closing Costs Defined

NewBuyer — Fri, 04 Dec 2009 13:00:10 +0000

A high quality look at the definitions of a down payment, closing costs and private mortgage insurance in reference to the home closing process. Learn that a down payment for a home can be between 3% and 20%. The resource will help you decide how much of a down payment works for you. See what factors make up closing costs and whether you will need to purchase private mortgage insurance.

Source: Freddie Mac

Read More About Closing on a Home at Newbuyer.com

What is PMI?

NewBuyer — Sun, 29 Nov 2009 15:00:14 +0000

A high-quality look at the definition of private mortgage insurance and its pros and cons. See that PMI is not inevitable and how to make your PMI premiums tax-deductible. Learn about the drawback of having PMI premiums included in your loan’s interest rate, a loophole available for homeowners who obtained their loans on or after July 29, 1999 and the Homeowner’s Protection Act of 1998.

Source: Realtor.com

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When You Can Cancel Private Mortgage Insurance

NewBuyer — Wed, 18 Nov 2009 03:59:16 +0000

An essential look at when you can cancel your private mortgage insurance. Topics covered are: the PMI law (i.e. The Homeowners Protection Act of 1998) and its limitations, whether you are paying too much for PMI, how PMI benefits first time home buyers and the discontentment surrounding PMI.

Source: Insure.com

Read More About Private Mortgage Insurance at Newbuyer.com