What's PMI & How Can It Help Me?

Have you ever heard of PMI or Private Mortgage Insurance? PMI may have a bad reputation with certain people but the reality is it's really not a bad thing. This mortgage company at the Lake of the Ozarks is here to give you more information on what PMI actually is and the possible benefits you can receive from it when trying to apply for a mortgage, in this week's blog. To ask an experienced mortgage lender at the Lake of the Ozarks about PMI and more, please call MHQ - Mortgage Headquarters today at (573) 302-9990.


How is PMI calculated?
Your PMI premium is fixed based on plan type (loan-to-value ratio, loan type, loan term, etc.) and is not related to your particular credit history or other individual characteristics. PMI typically amounts to about one-half of one percent of your mortgage amount annually, according to the Mortgage Bankers Association, and the premium payment is usually rolled into your monthly mortgage payment.  On a $200,000 mortgage, you may be paying $1,000 per year for PMI.

Private Mortgage Insurance helps you get the loan.
Private Mortgage Insurance, also known as PMI, is a supplemental insurance policy you may be required to obtain in order to get a mortgage loan. PMI is provided by private (non-government) companies and is usually required when your loan-to-value ratio — the amount of your mortgage loan divided by the value of your home — is greater than 80 percent.


Please Remember!

PMI isn't a bad thing — it allows you to make a lower down payment and still qualify for a mortgage loan. In fact, without PMI, many of us would not be able to purchase our first home. At the end of the day, PMI is something worth asking your mortgage lender about. If this policy is your last hope for getting a mortgage at all, then you should at least learn more. Experience matters when it comes to finding the right mortgage lender for you. What does your mortgage lender have to offer you? Are your questions being answered? Are you being heard? Are you receiving the best customer service possible? If your answer to any one of these questions is no, then maybe it's time to look for a new mortgage lender this year when seeking a mortgage for your dream home. Consider MHQ-Mortgage Headquarters. We can offer you the resources you need to not only get a mortgage for your home but we pride ourselves on offering the best customer service possible to each and every person we have the pleasure of assisting. If you have questions about PMI or you just want to look into your mortgage loan options with a lender who will listen, give us a call today. We can be reached at the number listed below. You can also follow us on all of our social media channels listed below to stay up to date on our latest announcements.


Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065

Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917

NMLS # 1229111

www.MHQMortgage.com



Follow Us On:   Facebook   |   Twitter   |   LinkedIn
Location: Osage Beach, MO 65065, USA

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