Let’s Talk About Loan Products (mortgages)
There are many loan products in the market today. The main products that people use today are; FHA, VA or Conventional and each have their own value in using. But no matter which one you choose to use, give a huge thought to your down payment. Mainly because if you decide to put less than 20% Cash Down (Down Payment) on a house, the lender will require you to have PMI (principal mortgage insurance) it’s also known as MI and other names. This add-on will add on average to your monthly mortgage payment $179 +/- a month. And the worst part about it once you’ve reach 20% equity in the house – either by Market Value or making additional monthly principal payments. In order to have PMI removed from the mortgage – you’ll have to refinance the house and that is 1% to 2% (of the loan amount) cost to do.
In the good old days, we could call and have removed…
Call or Text me at 832-930-4587 to inquire as to how to avoid PMI