Wake Forest NC - Just What Are Today's Interest Rates and What the Heck is PMI?
While I am NOT a lender I have some great friends that are and they always give me accurate and timely information! Nevin Williams is just one of those people!
Below are the latest mortgage rates from Nevin Williams as well as a little primer on PMI (Private Mortgage Insurance). Remember, if you are going to start a search for Homes For Sale in Wake Forest NC it's best to speak with a lender first! They can get you all squared away with a credit score check, credit report, a pre-qualification letter and help you to comfortably decide which loan program is best for you!
Life in Wake Forest NC just became a little more financially educated......
Why Pay Private Mortgage Insurance (PMI)? Private Mortgage Insurance (PMI) is required by most lenders when a borrower puts less than 20% down on a purchase loan. Paid for by the borrower, PMI not only protects the lender from foreclosure, it also enables many buyers to qualify for loans and purchase real estate when they couldn't have otherwise. On January 1st, 2007, legislation went into effect making PMI tax deductible for new borrowers whose personal adjusted gross income is $100,000 or less. This has created additional opportunities for many buyers to finance a more expensive home or, in some cases, to obtain a lower monthly payment, while reducing annual income taxes.
In most cases PMI can be cancelled once the accumulated equity has reached 20% of the home's value, except with FHA loans which require a 22% equity position. Traditionally many buyers would opt for a second home loan known as a piggyback loan to avoid PMI. Factor in the new PMI tax benefit, and a borrower's monthly payment may actually be lower with PMI versus a piggyback loan scenario.
Choosing PMI is not a one-size-fits-all decision. It is my job to weigh my borrowers' long-term goals and to provide comprehensive solutions that clearly explain all of the pros and cons of each mortgage option available. It's a job I take very seriously.Mortgage Interest Rates* Rates as of Thursday, 27th August, 2009:
Conforming Rate APR Payment per $1000
Conforming APR Payment per
$1,000Jumbo APR Payment per
$1,00030-Yr. fixed 4.875% 5.020% $5.29 Call 0.000% $0.00 15-Yr. fixed 4.375% 4.623% $7.59 for 0.000% $0.00 7-Yr. fixed ARM 4.25% 4.264% $4.92 jumbo 0.000% $0.00 5-Yr. fixed ARM 3.875% 4.264% $4.70 rates 0.000% $0.00 10 Yr. fixed ARM 4.75% 4.768% $5.22 % 0.000% $0.00 5-Yr. Interest Only 4.125% 4.390% $3.44 % 0.000% $0.00 *Rates are subject to change due to market fluctuations and borrower's eligibility.
Rates subject to change. Certain credit requirements and other conditions apply. This is not a guarantee to lend. Rates based on a 12 day lock period and a minimum loan amount of 185,000. Credit determination must be made prior to approving rate. Equal opportunity lender. FPF CA DRE Lic#00654852 Nevin's NC Lic#I139451 First Priority Financial NC Lic# B-146523-101
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