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Private Mortgage Insurance Myths
Manage episode 420052008 series 3375578
Real Estate Financial Planner LLC and James Orr and James Orr에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Real Estate Financial Planner LLC and James Orr and James Orr 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
Private Mortgage Insurance Myths
Reputation can be a challenging thing. I have found, through many conversations with clients over the years, that Private Mortgage Insurance (PMI) has a questionable reputation with home buyers in general and investors in particular.
However, much of its reputation is based on half-truths, bad information, lies, and myths.
In this special class, James will discuss some of the more common myths about PMI and the truth about what PMI is, and why its reputation is misguided and/or misunderstood.
In this class, James discusses:
- What is Private Mortgage Insurance (PMI) and why does it exist?
- The following myths:
- PMI is always required for down payments less than 20%.
- PMI is permanent and can never be removed.
- PMI is the same as homeowner's insurance.
- PMI protects the homeowner, not the lender.
- PMI is tax-deductible.
- PMI protects the borrower in case of job loss or disability.
- PMI is the same for all borrowers and loans.
- PMI premiums are fixed for the life of the loan.
- PMI is always monthly, always paid as a lump sum at closing, and/or always paid by the lender in exchange for a higher interest rate.
- PMI rates are set by the government.
- PMI is required for all types of loans.
- PMI is only required for first-time homebuyers.
- PMI is only required for single-family homes.
- PMI is only required by big banks.
- PMI is always cheaper than a second mortgage.
- PMI pays off my house if I die with a mortgage.
- PMI increases the monthly mortgage payment.
- PMI is a waste of money.
- Refinancing is the only way to get rid of PMI.
- Lenders benefit from PMI.
- PMI covers the full mortgage amount.
- You should always pay PMI Monthly. You should always pay PMI in a single up-front, lump-sum payment. You should always take a higher interest rate and have the lender pay PMI.
- Plus much more...
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