MORTGAGE INSURANCE FACTS
- Jun 6, 2017
- 1 min read
What is Mortgage Insurance?
Also known as "mortgage guarantee" and "home-loan insurance", it is an insurance that protects the lender in case of a foreclosure.
When is Mortgage Insurance Required?
When the equity in your home is less than 20% on a conventional loan.
FACT: VA LOANS AND FHA HAVE MORTGAGE INSURANCE FOR THE LIFE OF THE LOAN
How do you Calculate Mortgage Insurance?
PMI generally costs 0.3 - 1.5 percent of the loan amount, according to sources. For example on a $100,000 loan including a one-time 1 percent PMI fee at closing, you could be paying $1,000/year or $83.33 per month.
AVAILABLE PREMIUMS AVAILABLE
-MONTHLY PREMIUM
-SINGLE PREMIUM
-SPLIT PREMIUM
-NON-EXISTENT PREMIUM
Frequently Asked Questions:
What is the difference between "Financed" and "Prepaid" MI transaction?
What loans are eligible for "financed" mortgage insurance?
What loans are eligible for "pre-paid mortgage insurance?
GET THESE ANSWERS AND MORE AT IMAGINE HOME LENDING.
CONTACT A MORTGAGE CONSULTANT IN YOUR AREA TODAY!
LA CROSSE, WI AREA - 608-779-3100
STEVENS POINT, WI AREA - 715-544-6400
EAU CLAIRE, WI AREA - 715-843-4060
FARGO/MOORHEAD AREA - 701-639-2285
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