🎧 What Affects Your PMI Rate

New To Podcast This Week - Over 77,000 Total Downloads*

What impacts your Private Mortgage Insurance (PMI) rate when you buy a property with less than 20% down?

Lenders prefer that you put at least 20% down, but if you push hard enough, many will allow you to put less than 20% down if you're willing to purchase insurance to protect them in case you default. This insurance is called Private Mortgage Insurance.

The cost of this insurance depends on several factors. Some are primary factors and have a significant impact on the cost of the insurance policy. Other factors are secondary and affect the premium, but only to a smaller extent.

In this mini-class, James will go over the things that affect your private mortgage insurance rate if you decide to put less than 20% down when buying properties.

Discussed In This Podcast

• What is Private Mortgage Insurance (PMI) and why does it exist?

• Factors that affect your PMI rate

• Loan-To-Value of the property (often just the first lien)

• Coverage amount for the lender

• Your credit score

• Amortization term of the loan itself - shorter terms have lower PMI

• Fixed and variable payment amounts

• Time you’ve been paying the rate

• Lender (separate pricing sheet for Credit Unions)

• Hard minimums for PMI rates

• Cash-out refinance

• Second home

• Employee relocation loans

• Manufactured Homes

• Investment Property

• 3-4 units

• Lender-Paid Monthly Premium

• Declining Renewals

• Annual Premium

• Refundable Monthly Premium

• High Debt-To-Income Ratio (> 45% DTI)

• More than 1 borrower on the loan (reduces PMI rate)

• Plus much more...

How to Access in 3 Easy Steps

1. Click here to select your city from the list

2. Click on the PODCAST button next to your city.

3. Select your preferred podcast player (Apple, Spotify, etc) and subscribe for free.

Enjoy!

Love,

James Orr

*As of January 20th, the total number of downloads across all Real Estate Financial Planner™ city-specific real estate investing podcasts for all episodes over all-time is over 77,998.