Are
you overpaying?...
"
95% of PMI policy holders overpay for PMI insurance
by $114 million a month." Are you one of them?...
What Is PMI?
Lenders often times will require a borrower to put down 20% or more in order to qualify for a conventional loan.
If you do not have a 20% down payment, then you are required to pay PMI which can amount to as much as $60 a month on a $1000,000 home with 5% down and a fixed 30 year loan.
The advantages to you as a borrower are obvious:
- Quicker affordability
- A chance to buy a larger home with less down
- Financial Leverage
The downside is only partially obvious:
The cost.
It may seem like a fair arrangement to put such a low amount of down payment. However, $60 over a 4 year span of over payment adds up to $2800.
In fact homegain.com estimates that Private Mortgage Insurance costs 2.7 million borrowers $114 million a month for unnecessary pmi insurance. That is 95% of the homes that currently pay for Private Mortgage Insurance.
Use the PMI Calculator to determine if you are eligible for PMI cancellation.
| how to cancel pmi |
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| alternatives to pmi |
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| pmi calculator |
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| sample pmi Cancellation Letter |
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thousands of dollars on your next real estate transaction" real
estate for sale by owner
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Home Buyers receive up to 1% cash back, and Home Sellers save up to 1% on commissions! |
