“AVOIDING PRIVATE MORTGAGE INSURANCE”
Most mortgage loans require a 20% down payment. Many homebuyers don’t have that much cash, so they must secure private mortgage insurance (PMI) to qualify for their loan. While this helps buyers that wouldn’t otherwise qualify, it increases their monthly payments and decreases the amount the amount they qualify for overall to stay within limits on debt-to-income ratios. Fortunately, there are a few ways to get around paying PMI when you don’t have 20% down. Some lenders offer lender-paid mortgage insurance in exchange for a higher interest rate. A piggyback mortgage allows the buyer to obtain a second loan to cover part of the down payment. And some lenders have their own loan products that don’t require PMI at all.
Our mission is to be the leading real estate agency in the greater New York/New Jersey area by providing the best possible service to our clients and customers. This includes not only being knowledgeable about all aspects of buying and selling real estate-PMI’s, down payments, mortgages, timing, pricing, and negotiating-but also by being vigilant about bringing the right buyers together with the tight sellers. We’ve done it for hundreds of happy homeowners, let us do it for you, too. ” OUR SUCCESS HAS BEEN BUILT ONE SATISFIED CUSTOMER AT A TIME.”
