What Are The Benefits of Private Mortgage Insurance?

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Mortgage and Lending with Metroplex Mortgage Services NMLS ID# 185288

What Are The Benefits of Private Mortgage Insurance for Conventional Loans? 

Commonly known as PMI, many only think of it as a negative, but this short video tip will keep you in the know about the facts and be thankful for the benefit it provides to buyers who plan on buying a home with a down payment of less than 20% of the purchase price.

Due to the recent FHA mortgage insurance rate increases, private mortgage insurance can offer reduced cost and more flexibility with how it can be structured based on what is best for your scenario.

You can expect stricter guidelines when getting approved for PMI, but the good news is that their criteria has been steadily improving in recent years which allows for more homebuyers to qualify and with better options.

As with any program, minimum credit conditions will apply and sufficient equity may be required.

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