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 pa...