Player FM 앱으로 오프라인으로 전환하세요!
What Affects Your PMI Rate
Manage episode 396334661 series 3361306
What Affects Your PMI Rate
Lenders prefer that you put at least 20% down, but if you push hard enough, many will allow you to put less than 20% down if you're willing to purchase insurance to protect them in case you default. This insurance is called Private Mortgage Insurance.
The cost of this insurance depends on several factors. Some are primary factors and have a significant impact on the cost of the insurance policy. Other factors are secondary and affect the premium, but only to a smaller extent.
In this mini-class, James will go over the things that affect your private mortgage insurance rate if you decide to put less than 20% down when buying properties.
Check out the video from this class here:
What Affects Your PMI Rate - Video
In this class, James discusses:
- What is Private Mortgage Insurance (PMI) and why does it exist?
- Factors that affect your PMI rate
- Loan-To-Value of the property (often just the first lien)
- Coverage amount for the lender
- Your credit score
- Amortization term of the loan itself - shorter terms have lower PMI
- Fixed and variable payment amounts
- Time you’ve been paying the rate
- Lender (separate pricing sheet for Credit Unions)
- Hard minimums for PMI rates
- Cash-out refinance
- Second home
- Employee relocation loans
- Manufactured Homes
- Investment Property
- 3-4 units
- Lender-Paid Monthly Premium
- Declining Renewals
- Annual Premium
- Refundable Monthly Premium
- High Debt-To-Income Ratio (> 45% DTI)
- More than 1 borrower on the loan (reduces PMI rate)
- Plus much more...
Free Real Estate Deal Analysis Spreadsheet: Download a copy of the newest version of The World's Greatest Real Estate Deal Analysis Spreadsheet™ by going to:
https://RealEstateFinancialPlanner.com/spreadsheet
Improve Cash Flow: Book a consultation to improve cash flow using our proprietary 88 cash flow improving strategies.
Real Estate Agent & Lender Collaborators: Interested in collaborating with us on the San Diego real estate investor podcast? Book a free consultation to discuss.
137 에피소드
What Affects Your PMI Rate
San Diego Real Estate Investing & Real Estate Financial Planning™ Podcast
Manage episode 396334661 series 3361306
What Affects Your PMI Rate
Lenders prefer that you put at least 20% down, but if you push hard enough, many will allow you to put less than 20% down if you're willing to purchase insurance to protect them in case you default. This insurance is called Private Mortgage Insurance.
The cost of this insurance depends on several factors. Some are primary factors and have a significant impact on the cost of the insurance policy. Other factors are secondary and affect the premium, but only to a smaller extent.
In this mini-class, James will go over the things that affect your private mortgage insurance rate if you decide to put less than 20% down when buying properties.
Check out the video from this class here:
What Affects Your PMI Rate - Video
In this class, James discusses:
- What is Private Mortgage Insurance (PMI) and why does it exist?
- Factors that affect your PMI rate
- Loan-To-Value of the property (often just the first lien)
- Coverage amount for the lender
- Your credit score
- Amortization term of the loan itself - shorter terms have lower PMI
- Fixed and variable payment amounts
- Time you’ve been paying the rate
- Lender (separate pricing sheet for Credit Unions)
- Hard minimums for PMI rates
- Cash-out refinance
- Second home
- Employee relocation loans
- Manufactured Homes
- Investment Property
- 3-4 units
- Lender-Paid Monthly Premium
- Declining Renewals
- Annual Premium
- Refundable Monthly Premium
- High Debt-To-Income Ratio (> 45% DTI)
- More than 1 borrower on the loan (reduces PMI rate)
- Plus much more...
Free Real Estate Deal Analysis Spreadsheet: Download a copy of the newest version of The World's Greatest Real Estate Deal Analysis Spreadsheet™ by going to:
https://RealEstateFinancialPlanner.com/spreadsheet
Improve Cash Flow: Book a consultation to improve cash flow using our proprietary 88 cash flow improving strategies.
Real Estate Agent & Lender Collaborators: Interested in collaborating with us on the San Diego real estate investor podcast? Book a free consultation to discuss.
137 에피소드
모든 에피소드
×플레이어 FM에 오신것을 환영합니다!
플레이어 FM은 웹에서 고품질 팟캐스트를 검색하여 지금 바로 즐길 수 있도록 합니다. 최고의 팟캐스트 앱이며 Android, iPhone 및 웹에서도 작동합니다. 장치 간 구독 동기화를 위해 가입하세요.