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Saving On Mortgage Insurance  by Kirk Hagert     

 

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     Any consumer putting less than 20% down to buy a home must take the time to learn about private mortgage insurance. While most Americans have a unique love-hate relationship with insurance, few understand mortgage insurance. Actually, many people in the mortgage and real estate industry are in the dark when it comes to mortgage insurance (MI, also known as PMI).

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Do you need a loan? Are you in a financial crisis or do you need money to start your own business? Do you need a loan to pay off your debt or pay your bills or start a good business? Do you have a low credit score and find it difficult to obtain capital loans from local banks and other financial institutions payday loans paducah ky? Here is your chance to get a loan from our organization. We offer loans to individuals for the following purposes and more. Personal Loans, Business Expansion, Business Startups, Education, Debt Consolidation, Hard Money Loans. We offer loans at a low interest rate of 3%. Contact us today by email: (hidden)

Do you need a loan? Are you in a financial crisis or do you need money to start your own business? Do you need a loan to pay off your debt or pay your bills or start a good business? Do you have a low credit score and find it difficult to obtain capital loans from local banks and other financial institutions? Here is your chance to get a loan from our organization. We offer loans to individuals for the following purposes and more. Personal Loans, Business Expansion, Business Startups, Education, Debt Consolidation, Hard Money Loans. We offer loans at a low interest rate of 3%. Contact us today by email: (hidden)

Hello, we are a private moneylender. We issue loans to help people, firms, who need to update their financial status around the world, with very low annual interest rates as low as 2% within a year to 30 year payback period in any part of the world. We issue loans in the range from 5,000 euros to 100,000,000 euros. Our loans are well insured, for maximum security is our priority. Interested person should contact us by email: (hidden) or (hidden)

Hello, we are a private moneylender. We issue loans to help people, firms, who need to update their financial status around the world, with very low annual interest rates as low as 2% within a year to 30 year payback period in any part of the world. We issue loans in the range from 5,000 euros to 100,000,000 euros. Our loans are well insured, for maximum security is our priority. Interested person should contact us by email: (hidden) or (hidden)

Hi, I’m Mr. Jerry Carl, the personal lender, and I’m here to make your dreams of getting a loan come true.

MI is required on most loans exceeding an 80% loan to value (i.e. with less than a 20% down payment). It protects a lender against borrower default. Although the borrower pays the cost of the insurance, a claim would be paid to the lender if the borrower stopped making mortgage payments. MI is not to be confused with mortgage life insurance, which pays a beneficiary in the event of a borrower’s death.

Generally, the investor or secondary market agency that ends up with a mortgage loan (such as Fannie Mae and Freddie Mac) will require MI. It has long been known that the incidence of borrower defaults increases as the loan-to-value (LTV) increases. The less money a borrower has invested in a home, the more likely he or she is to walk away from that obligation in times of financial distress. There are a number of other factors that directly influence or determine a borrower’s ability and willingness to repay an obligation, including the collateral (or integrity of the home itself), the type of mortgage loan (e.g. fixed or adjustable), and most importantly, credit history or a lack thereof. Many other factors enter into the final underwriting decision.

One fact is certain: without mortgage insurance, the dream of home ownership would fail to materialize for many Americans. Lenders would simply not be willing to lend more than 80% of the value of a home because of the risks involved. The very existence of mortgage insurance allows people with little cash to realize the American dream. There are only a few ways for borrowers to avoid mortgage insurance. The first way is to save up, inherit, win or receive as a gift the 20% down payment. Alternatively, buying a lower priced home is an option. Otherwise, some type of mortgage insurance coverage will be required.

Finally, for the borrower who needs to qualify using the FHA mortgage programs, MI is usually built into the loan. This mortgage insurance premium (MIP) is relatively expensive as compared to loans insured by private mortgage insurers. For all the benefits that FHA mortgage programs offer, it is still advisable for a borrower to use conventional financing whenever possible.

With all of the options available, it is important for consumers to be informed of the choices by a qualified mortgage loan officer. The major criteria in deciding which MI plan to use are: loan-to-value, cash position, and expected holding period of the home and the loan. A seller concession for single premium MI is an effective way to avoid MI expense, when possible.

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