pmi: What Is The Benefit of Paying Mortgage Insurance? | Fridays with Fred
- 12/02/16 07:04 AM
If you plan on buying a home and will be using a down payment of 3.5% to 5% you will be required to pay Private Mortgage Insurance but the big question many home buyers have is if there is any benefit that comes from paying Private Mortgage Insurance and the answer to this question is no. Private Mortgage Insurance Benefits the Lender Private Mortgage Insurance only benefits the lender because it protects them if you defaulted on your mortgage. Let’s say the thought of paying Private Mortgage Insurance isn’t exciting to you; the good news is that you have another option available in … (5 comments)
pmi: What Are The Disadvantages Of Getting FHA Financing? | Fridays with Fred
- 07/15/16 01:45 AM
FHA Financing has been a miracle for many people in Southern California because it’s made it possible for them to buy homes especially if they have low FICO scores, or less than 20% for a down payment, but as fantastic as FHA loans are they do come with several disadvantages that you should know about including the following. You Will Need Private Mortgage Insurance (PMI)When you get FHA financing you will also need to get Private Mortgage Insurance as well. PMI is an insurance policy that protects the lender if you stop making payments on your mortgage loan. Private Mortgage Insurance can also be expensive and cost … (1 comments)
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