Jun 13

Copperopolis Real Estate – What Exactly is Private Mortgage Insurance

copperopolis real estateIf your looking at Copperopolis real estate it’s probably good to know about any and all costs that are ultimately going to be involved in your mortgage payment.

PMI is often overlooked and for the first time homebuyer, often not even considered until the transaction is nearly complete. If you are looking for Copperopolis real estate and you’re not putting down 20% or more for a down payment, there is no way of getting around this fee.

The video and 2 articles links below will help you understand what this is all about and even if you have to pay this in the beginning, what are the requirements, so you can stop paying it as soon as possible.

An Explanation Of Private Mortgage Insurance

Hugh Fitzpatrick, a New England real estate attorney explains all about this type of insurance and why it’s needed, as well as what you can expect after the purchase of your home.

What Is PMI For Copperopolis Real Estate and Everywhere Else?

A very concise article explaining why most people, including those buying Copperopolis real estate, will be required to take on this insurance to ease the mind of the lender. Many people are always talking about thisĀ  and usually this is new information for the first time home buyer without a lot down.

Private Mortgage Insurance Basics

Great article that gets a little more specific to what you will pay based on your down payment and the amount of the loan. According to the MBAA this comes to around 1/2 to 1 percent of the the loan and it’s not tax deductible.

There are also some great tips for those looking at Copperopolis real estate and any other area to avoid or get your monthly fee waived, based on certain criteria. You can pretty much determine what your PMI rate will be by following some calculation given.

In conclusion, cost can add up when you’re looking at Copperopolis real estate. Being prepared and if possible, reducing your costs by avoiding and unnecessary fees, can help you get into the house you want.

Understand private mortgage insurance, so you can save yourself some money if possible when buying a home.