Utah County Real Estate - Private Mortgage Insurance (PMI)
Private Mortgage Insurance is used by Home Loan Buyers to insure the lender against default if the borrower has less than 20 percent down. Private Mortgage Insurance can be a very costly insurance premium that is necessary as part of loan qualifications set by Fannie Mae and most secondary market investors. With the right loan, it doesn't have to be an obstacle.
How much does Private Mortgage Insurance Cost?
PMI increases your monthly payment and could be tax deductible. PMI varies, but can be estimated by taking about one-half percent of the total loan amount. With a home selling for $300,000 and 10 percent down or $30,000, the annual cost of PMI on your $270,000 loan would be approximately $1,350 annually or an extra $112.50 monthly on your home payment. PMI will go away once you go below the 80 percent of Home Value. There are some programs available that can help you avoid paying PMI, make sure check with your Mortgage Broker to find out all the programs that you qualify for.
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