David Saks: August 2014

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3570

pmi

Most every buyer needs it if they put less than 20% down on a mortgage.

Lenders usually require a downpayment that equals 20% of a property's value before you can refuse private mortgage insurance or PMI. PMI is basically an indemnity that will protect your borrower's lender against the cost of a foreclosure in the event that one occurs.

When a lender is insured against this type of a loss it makes it possible for them to accept a lower downpayment from the buyer.

This helps the buyer out also so they don't have to come up with as much money at the closing table.

Basically, the private mortgage insurance is providing what the equity of a larger downpayment would have covered satisfying the lender's need to blanket any possible lossess in the event of a foreclosure.

How does PMI work for your clients?

I think it's for the life of the loan now, in some cases !

What are the rules?




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • August 04 2014 06:50PM
Real Estate Practice : Lesson 3570
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Most every buyer needs it if they put less than 20% down on a mortgage. Lenders usually require a downpayment that equals 20% of a property's value before you can refuse private mortgage insurance or PMI. PMI is basically an indemnity… more
Real Estate Practice : Lesson 3569
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The reconveyance deed is an instrument used by a trustee to give back a title to a trustor. When a loan secured by a deed of trust has been satisfied and paid off the lender will contact the trustee on the deed and request that the… more