What Is PMI? |
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Private Mortgage Insurance
helps you get the loan:
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Private
Mortgage Insurance, also known as PMI, is a supplemental
insurance policy you may be required to obtain in order to
get a mortgage loan. PMI is provided by private
(non-government) companies and is usually required when your
loan-to-value ratio — the amount of your mortgage loan
divided by the value of your home — is greater than 80
percent. |
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PMI isn't a bad
thing — it allows you to make a lower down payment and still
qualify for a mortgage loan. In fact without PMI, many of us
would not be able to purchase our first home.
How is PMI calculated?
Your PMI premium is fixed based on plan type
(loan-to-value ratio, loan type, loan term, etc.) and is not
related to your particular credit history or other individual
characteristics. PMI typically amounts to about one-half of one
percent of your mortgage amount annually, according to the
Mortgage Bankers Association, and the premium payment is usually
rolled into your monthly mortgage payment. On a $200,000
mortgage, you may be paying $1,000 per year for PMI. |
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M W F Bancorp. 11 E. Wilson St. Batavia,
IL 60510
Phone: 630-406-9990 Fax: 630-406-9992
E-mail:
Loans@mwfmortgage.com
Regulated by the IDFPR
122 S. Michigan Ave., 19th Floor
Chicago, IL 60603
(312) 793-3000
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