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

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Real Estate Agent with Rory Burkhart Team, Keller Williams
http://actvra.in/75Y

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
 
jrosoevelt@kw.com

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Ambassador
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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.

March 24, 2011 09:41 AM #1
Rainmaker
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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.

March 24, 2011 09:50 AM #2
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Rainmaker
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Janice Roosevelt

OICP ABR, ePRO,Ecobroker
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