Mortgage Date Looming for PMI to stay attached for the life of your home loan!
Many home buyers are unaware of the importance of having their mortgage loan locked with a purchase agreement before the End of March!
Little shifts in mortgage lending rules have been happening and PMI or better known as Mortgage Insurance is just another change.
Mortgage Insurance used to drop off after reaching the magic number of 30% equity. The 10 year mortgage rule of having your loan approximately 10 years was another magic date for PMI.
This is changing, you will pay your mortgage insurance for the life of your loan after March 30th.
Don't Look Now but Fannie and Freddie are going to make these changes too.
Credit scores are another story. Some of the subsidized loans will be long gone because government funding will be used up. So your credit score will have a bigger impact than ever before on your loan rate.
Get to your favorite lender for all the details and programs that are currently available. If you put 20% down this shouldn't be a problem.
Michigan has some specialized mortgage programs. Make sure you ask!
If you need a reputable lender give me a call I share a couple names in the Grand Rapids Michigan area.
The mortgage date looming for PMI you will need someone would understands and quickly helps you get a purchase agreement in place and a lender to process your home loan.