What is PMI (Private Mortgage Insurance)?
PMI is “foreclosure insurance” for the Lender and only benefits the Lender. In the event you default on your loan, the insurance company will pay the Lender. PMI is usually required on loans with less than a 20% down payment. When you borrower more than 80% of the purchase price […]
Posted in Delaware Mortgage Rates, Mortgage Insurance, Real Estate Investing, Mortgage Education, Newark Delaware, Wilmington Delaware, New Castle Delaware, First Time Home Buyer, Delaware Mortgage Loans, FHA, Bear Delaware, Dover Delaware, FHA Loans on July 26th, 2007 No Comments »
FHA does not fund loans directly; rather, it provides a guarantee to the lender against default.
There are two separate fees that HUD collects to provide a level of guarantee coverage to the lender:
Up-front mortgage insurance premiums (UFMIP).
Monthly renewal mortgage insurance (monthly MI).
The up-front mortgage insurance premium, if required, will be 1.5% of the base loan […]
Posted in Mortgage Insurance on January 5th, 2007 No Comments »
Mortgage Insurance will be tax deductible in 2007 for some Delaware homeowners, that means for some home owners looking for a 100% financing, it may be cheaper to get mortgage insurance rather than a piggy back loan.
The 109th Congress passed the tax law in its final hours. Hundreds of thousands of homeowners will save a […]
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