| Why Pay Private Mortgage Insurance (PMI)?
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Rates as of Thursday, 27th August, 2009: Conforming Rate APR Payment per $1000 |
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| *Rates are subject to change due to market fluctuations and borrower's eligibility. | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Private Mortgage Insurance (PMI) is required by most lenders when a borrower puts less than 20% down on a purchase loan. Paid for by the borrower, PMI not only protects the lender from foreclosure, it also enables many buyers to qualify for loans and purchase real estate when they couldn't have otherwise. On January 1st, 2007, legislation went into effect making PMI tax deductible for new borrowers whose personal adjusted gross income is $100,000 or less. This has created additional opportunities for many buyers to finance a more expensive home or, in some cases, to obtain a lower monthly payment, while reducing annual income taxes.
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Searching for a home? Complimentary MLS listings! Cary Apex Raleigh Wake Forest Charlotte Our services include personal budgeting, financial planning, retirement planning strategies and real estate contract review. You can find information relating to mortgages including calculators, current rates, buying a home, refinancing, VA, FHA, USDA, Conventional and Jumbo loans by clicking here Licensed to broker loans with over 300 lenders including Bank of America, Wells Fargo, Citimortgage, Met Life, Fifth Third Bank, Flagstar, ING,Luther Burbank, Provident, Suntrust, US Bank and many more. Find a home with our network of professional real estate agents interviewed and selected for their extensive knowledge and expertise! Send us an e-mail with the city and state. nevin@nevinloans.com You may also call us (888) 206-5781 My extension is 1017 "First Priority Financial, Inc. is licensed by the CA DRE, license #00654852."
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Nevin, Good to see you! I have a question for you...If a lender tells me he/she can do a 5-day close, what would you say to that? Thanks!
Nevin - great info here. PMI is a huge cost issue for many and I suspect lots still aren;t aware of the tax deduction.
The rates are looking pretty favorable - any thoughts on the trends?
Lastly - it was really good to meet you F2F last weekend in Cardiff. Hope the rest of your trip went as planned.
Jeff
Well done my friend. As always, you're information is invaluable for your current and future clients!
Wanda - Great to be back! Although I am already missing San Diego (shhhhh!) With the new TIL laws a 5 day close is illegal. According to the new compliance there must be a 7 day waiting period between the ...well, here you go: (straight from the lenders guidelines)
There must be a seven (7) business-day waiting period between the date the initial TIL disclosure is provided to the consumer and the closing / signing date of the loan. So I would say that lender either is not up to date with the new law or they need to lay off the bourbon for breakfast!
Jeff - Hey buddy! I too had a great time meeting with you in person. PMI is not always a bad thing! The feds are poised to stop buying mortgage backed securities (MBS)-esentially, mortgages from Fannie, Freddie and Ginne Mae. If there is no appetite for these types of investments then I think rates will soar. However I think these are the most qualty MBS one could buy. Look at how stringent the lending terms are. If the rest of the workd agrees with me then rate might stay low or even drop. It all depends on what investors who buy MBS think about the quality and feasibility of selling these to their investors.
Craig - thanks Craig! I look forward to getting together next week and putting our ad campaign together. The towns people of Cary deserve a good agent and mortgage broker!
Nevin - Dang, i was just happy for the update but was super impressed and happy to read the Q&A with you and Wanda! Thanks so much - I love getting my info from you!
Leesa - Why thank you! I appreciate the kind words...you made my day : )