One of the lenders we often suggest to client is Pime Lending and Matt Stancato who heads up the Delaware office, had a great piece on the different kinds of mortgage insurance. They offer four kinds.

Single premium MI--a single lump sum paid in advance and partially refundable when the borrower owes less than 80% of the property value.
 
Single Financed MI--same thing, but financed.  Borrower stretches MI over the life of the loan with no monthly payments.
 
LPMI--for a small rate increase, PrimeLending will pay the MI for the borrower.  (This works out best at 85% LTV--otherwise the single financed is the way to go.)
 
Hybrid--finance part, pay part monthly.  Great for borrowers with a set price point in mind.  Remember to ask
 
jrosoevelt@kw.com

 
Posted by Janice Roosevelt, OICP ABR, ePRO,Ecobroker on 03/24/2011 09:18 AM   Comments (2)   Mortgage Insurance in the ActiveRain Channel   jrooseveltkwcom, mortgage insurance, prime lending  
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2 Comments on Mortgage insurance - did you know there were different kinds? Janice Roosevelt, Keller Williams Real Estate, PA & DE

MAR
24
2011
1,913,958 Points 386 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Janice, this is information that so many buyers just don't get explained to them.  And it's good stuff to know.
9:41am • #1
466,662 Points 2 Featured Posts

Pat, you are right. Perhaps because there IS so much to explain.
9:50am • #2

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Janice Roosevelt, OICP ABR, ePRO,Ecobroker

Chadds Ford, PA

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