Basic Facts Regarding Private Mortgage Insurance
- Private Mortgage Insurance, or PMI is the insurance that protects the lender's risk when your loan is for greater than 80% of the value on a Conventional (non FHA or VA) loan.
- All FHA loans require mortgage insurance involving an up-front fee that can be financed and also a monthly fee.
- VA loans have an upfront fee that can be financed (unless there is a disability waiver) but no additional monthly fee.
Enjoy these informative videos on when and how you may eliminate the PMI on your mortgage to substantially lower your monthly mortgage payments
Link to Consumer Finance Credit Bureau guidelines for PMI cancellationCall Danny Poulos directly at 561-373-4149 or email DJPoulos@EliteLending.biz if you would like to review your personal scenario and explore lowering your mortgage payment for substantial savings!