PMI | Premium Mortgage Insurance
PMI occurs when a buyer doesn't put down 20% when they purchase their new home. Considering about 5% of our borrowers actually have that amount to put down so if you're in the 95% majority don't feel bad.
Premium Mortgage Insurance is an additional fee each month that's included in your mortgage payment. The fee helps cover the bank in case your house ever ends up in foreclosure so the bank can recoup some of the losses.
PMI is tax deductable just like Mortgage Interest and with most programs will fall off once you have 78% equity in your home.
For our active and former Military...congratulations as there's no monthly PMI...just the VA funding fee.
Whether you're looking at FHA, VA, USDA, or Conventional financing we're here to help and happy to answer any questions in regards to your home loan.
Thanks for watching this video and we look forward to working with you. Please call or email with any questions.
Mortgage consultant Darren Copeland and his experienced home loan team are committed to educating home buyers about home loans, purchasing a new home, refinancing and credit repair. LeaderOne Financial has helped home owners choose the best home loan program, from FHA, VA, USDA, and Conventional loans along with Reverse Mortgages and Refinancing Darren will make sure you receive the most affordable home loan rate in Lees Summit and has been doing it for over 8 years.