August 20, 2017

Private Mortgage Insurance Facts For Seattle Buyers & Owners

 
 

 


The home buying process may seem complicated, but if you take
things step-by-step and use private mortgage insurance (PrivateMI),
you will soon be holding the keys to your own home.

 

PrivateMI helps you buy a home sooner and with less money toward
the down payment. For many qualified borrowers, as little as 3
percent or less of the home’s value is all that is needed to
secure a loan, compared to the traditional 20 percent usually
required.

 

With the high price of homes in many markets across the country,
that 20 percent down payment is nearly impossible for most
first-time home buyers. Making homeownership a reality sooner—as
much as ten years sooner for most borrowers—is one reason why
PrivateMI is today’s smart choice.



Affordable
 


In many cases, PrivateMI is more affordable than other mortgage
finance options. With PrivateMI, the home buyer can put down
less than 20% to purchase a home, saving money that can be used
for other purposes such as
furniture, home improvements or a child’s college tuition.

Predictable


With some 80–10–10 financing, the homeowner’s monthly costs go
up when interest rates rise — but PrivateMI premiums are fixed
and predictable, regardless of rising interest rates. And a loan
with PrivateMI doesn’t saddle a
borrower with a large balloon payment.

Cancellation


PrivateMI is there only as long as it’s needed. A loan with
PrivateMI has a host of advantages over other financing options,
but that doesn’t mean you’ll always need it — and it can usually
be canceled when the homeowner acquires 20% equity in the home.
In fact, 90 percent of borrowers cancel their PrivateMI within
60 months.



Tax Deductible

 

PrivateMI premiums are now tax deductible for many borrowers who
purchase or refinance a home.  Many families can enjoy the
stability of PrivateMI’s predictable monthly premium and deduct
those premiums when they file their
taxes.  Families with a household income of $100,000 or less
will be able to deduct the full premium cost of PrivateMI, while
families earning up to $109,000 can qualify for a reduced
deduction.

 


For more information click

here
.




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Comments

  1. There is obviously valuable things to learn here. I think you made some good points here. Thanks!

    • TheMortgageReel Team says:

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