Do You Need Private Mortgage Insurance When You Refinance? by Fraser Sherman . You buy the mortgage insurance, but your lender gets to file the claims. Although you’re the one who pays for private mortgage insurance, it’s your lender who gets the coverage. PMI protects lenders from losing money.
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PMI is required because if you can't pay and the lender is forced to. If your home is worth $200,000, your loan balance would need to be no.
PMI is Private Mortgage Insurance and is tacked onto your loan payment if your Loan to Value (LTV) is over 80%. The reason why PMI is typically avoided is it is an additional expense that you will have to pay monthly and doesn’t count as interest paid, therefore providing no extra tax benefit to you.
Private Mortgage Insurance, or PMI, is a type of insurance that insures the lender in case the buyer defaults on the loan. The lender, or bank, requires PMI when the buyer has a down payment less than 20% of the asking price of the home.
Without the need to pay PMI, your monthly payment could be lower. VA loans have very lenient requirements. VA loans specifically may be available to people with poor credit, and even those who have faced foreclosure. Cons of VA loans and loans that don’t.
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A Closer Look at a Key VA Loan Benefit: Avoiding PMI. by Chris birk published: april 6, 2017 View Comments.. What Financial Records You Need to Keep. Smart Money. Identity Thieves Do This to 2.5 Million People Per Year. Here’s How to Stop it. Smart Money.
Private mortgage insurance does nothing for you as the homeowner and can cost you as much as $50 to a couple of hundred bucks per month. And it’s not necessarily a required expense! Here’s why you should avoid taking on PMI. You don’t have to pay PMI. Private mortgage insurance is not a mandatory cost for all homeowners.
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