Estimated Number of Years To

 Drop Mortgage Insurance Chart

 

At application, do the math and let your clients know the estimated number of years that the PMI or MIP will be eliminated. 

The interest rate makes a difference, but here’s an example of a sales price/appraisal value of $250,000 at 6% interest rate, and based on making regular monthly payments (no principal prepayment).  

Mark Taylor getting rid of MI  

If the interest rate is 1% lower than 6%, subtract one year

If the interest is 1% higher than 6%, add one year 

Show this to your clients and feel free to re-blog like crazy.

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2 Comments on Estimated Number of Years To Drop Mortgage Insurance

MAY
16
2011
Outside Blog

Good explanation and visual, thanks.
10:28am • #1
MAY
17
2011
165,005 Points Outside Blog
As the new status symbol of the 2010 decade will be the paid off home rather than the BMW Lease, I think talk of paying down mortgages will be the new cocktail party norm? Personally I can hardly wait till I am debt free, and only using Mark The Mortgage Broker to finance my next income property!!
1:54am • #2


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Mark Taylor

Mark Taylor NMLS# 207897 BK#00013635

Scottsdale, AZ

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