“PRIVATE MORTGAGE INSURANCE”
Private mortgage insurance, also known as PMI, is a type of insurance homeowners may be required to pay for when applying for conventional loan. The purpose of PMI is to protect the lender if the buyer stops making loan payments. It is typically required for those who cannot make the desirable 20% down payment. The cost for PMI depends on the interest rate, loan terms, the buyer’s credit score, whether the premium is refundable, and the amount of down payment. Once buyers have accumulated enough equity in their home and are no longer consider a risk by the lender, they can request private mortgage insurance to be eliminated. Mortgage insurance is not the same as a homeowners insurance.
Private mortgage insurance, homeowners insurance, mortgages and interest rates, and taxes are all to be considered when buying a new home. These are issues you’ll want to be completely familiar with before making a final decision to purchase. We’ve made our years of experience work for hundreds and hundreds of happy buyers and sellers in the greater New York area, now let them work for you.
“OUR SUCCESS HAS BEEN BUILT ONE SATISIFIED CUSTOMER AT A TIME.”