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Private Mortgage Insurance Myths
Manage episode 420046197 series 3467344
Real Estate Financial Planner LLC and James Orr and James Orr द्वारा प्रदान की गई सामग्री. एपिसोड, ग्राफिक्स और पॉडकास्ट विवरण सहित सभी पॉडकास्ट सामग्री Real Estate Financial Planner LLC and James Orr and James Orr या उनके पॉडकास्ट प्लेटफ़ॉर्म पार्टनर द्वारा सीधे अपलोड और प्रदान की जाती है। यदि आपको लगता है कि कोई आपकी अनुमति के बिना आपके कॉपीराइट किए गए कार्य का उपयोग कर रहा है, तो आप यहां बताई गई प्रक्रिया का पालन कर सकते हैं https://hi.player.fm/legal।
Private Mortgage Insurance Myths
Reputation can be a challenging thing. I have found, through many conversations with clients over the years, that Private Mortgage Insurance (PMI) has a questionable reputation with home buyers in general and investors in particular.
However, much of its reputation is based on half-truths, bad information, lies, and myths.
In this special class, James will discuss some of the more common myths about PMI and the truth about what PMI is, and why its reputation is misguided and/or misunderstood.
In this class, James discusses:
- What is Private Mortgage Insurance (PMI) and why does it exist?
- The following myths:
- PMI is always required for down payments less than 20%.
- PMI is permanent and can never be removed.
- PMI is the same as homeowner's insurance.
- PMI protects the homeowner, not the lender.
- PMI is tax-deductible.
- PMI protects the borrower in case of job loss or disability.
- PMI is the same for all borrowers and loans.
- PMI premiums are fixed for the life of the loan.
- PMI is always monthly, always paid as a lump sum at closing, and/or always paid by the lender in exchange for a higher interest rate.
- PMI rates are set by the government.
- PMI is required for all types of loans.
- PMI is only required for first-time homebuyers.
- PMI is only required for single-family homes.
- PMI is only required by big banks.
- PMI is always cheaper than a second mortgage.
- PMI pays off my house if I die with a mortgage.
- PMI increases the monthly mortgage payment.
- PMI is a waste of money.
- Refinancing is the only way to get rid of PMI.
- Lenders benefit from PMI.
- PMI covers the full mortgage amount.
- You should always pay PMI Monthly. You should always pay PMI in a single up-front, lump-sum payment. You should always take a higher interest rate and have the lender pay PMI.
- Plus much more...
Looking to buy or sell property in Lincoln, NE? Call Jake Grenemeier of Clover Real Estate Services with Next Home Integrity at (402) 302-0088. Or, check out his website at www.Clover.RealEstate or email him at Jake@Clover.RealEstate. Jake specializes in helping real estate investors in and around Lincoln.
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