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Diane Shelton

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DShel80907@aol.com
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Private Mortgage Insurance Helps You Get The Loan

Private Mortgage InsuranceMortgage 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.

Mortgage Insurance 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?

Types of Mortgage Insurance premiums:

Monthly Premium. The amount to be paid for your mortgage insurance is calculated and divided by the number of months you will be required to carry it based on the amortization schedule and when you will reach 80% LTV.
Financed Premium. Your mortgage insurance total is divided by the term of your loan, making the premium less per month, but carried over the life of the loan.

Lender-Paid Premium. We can pay your mortgage insurance premium for you! This generally is funded by discount point(s) or a rate adjustment.

Courtesy Paramount Mortgage

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Posted in: Mortgage Watch, Practical Matters, St. Louis and Area Real Estate News Tagged: loan with mortgage insurance, Mortgage Insurance for home, Private mortgage insurance, Saint Louis Mortgage Loan, saint louis real estate market

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Still LOVE my home – thank you!!

Lynn B. Ballwin, Missouri

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Thanks Jim. I was prepared for a miserable experience. You took the worry and tension out of selling.

John Walsh Seattle, Washington

default image

We had the best experience during the purchase of our first home with Jim. We love it. One of my best friends is a Realtor and I have already told her that when I move, Jim Hurley is the one I work with.

James Fagan Ballwin, Missouri

default image

It was our first home and we spend several months looking. Jim never lost patience. He spent hours educating us and helping us through the process. He’s always smiling and positive…. Linda and Steve Green St. Peters, Missouri

Linda and Steve Green St. Peters, Missouri

default image

I wasn’t really considering buying a new home but one I had looked at before we bought the last one, which I loved, came on the market. I called Jim and we moved 45 days later with no problems. He really cares about the people involved in the process.

Tina and Tom Shinner Kirkwood, Missouri

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