Mortgage insurance - did you know there were different kinds? Janice Roosevelt, Keller Williams Real Estate, PA & DE

Real Estate Agent with Rory Burkhart Team, Keller Williams

One of the lenders we often suggest to client is Pime Lending and Matt Stancato who heads up the Delaware office, had a great piece on the different kinds of mortgage insurance. They offer four kinds.

Single premium MI--a single lump sum paid in advance and partially refundable when the borrower owes less than 80% of the property value.
Single Financed MI--same thing, but financed.  Borrower stretches MI over the life of the loan with no monthly payments.
LPMI--for a small rate increase, PrimeLending will pay the MI for the borrower.  (This works out best at 85% LTV--otherwise the single financed is the way to go.)
Hybrid--finance part, pay part monthly.  Great for borrowers with a set price point in mind.  Remember to ask


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Patricia Kennedy
Evers & Company Real Estate, Inc. - Washington, DC
For Your Home in the Capital

Janice, this is information that so many buyers just don't get explained to them.  And it's good stuff to know.

Mar 24, 2011 09:41 AM #1
Janice Roosevelt
Rory Burkhart Team, Keller Williams - West Chester, PA
OICP ABR, ePRO,Ecobroker

Pat, you are right. Perhaps because there IS so much to explain.

Mar 24, 2011 09:50 AM #2
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Janice Roosevelt

OICP ABR, ePRO,Ecobroker
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