What is mortgage insurance aka PMI !?! Explained
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- čas přidán 20. 10. 2019
- If your BIGGEST concern is your monthly payment, I have news for you: sometimes, mortgage insurance has a bigger impact on your monthly payment than your interest rate!!!
Mortgages consist of what’s called PITI -- Principal, Interest, Taxes, and Insurance and if you are one of the 48.8% of buyers putting less than 20% down, your payment will also include mortgage insurance.
Often home buyers get hung up on pursuing the lowest interest rate when many times mortgage insurance has a greater impact on their overall monthly payment!
Your unique financial situation will affect which type of mortgage product is best for you but make sure that the lender you are approved with presents you with options that include different mortgage insurance plans.
Scenarios like,
Buying out or down your mortgage insurance
Increasing your downpayment to lower your mortgage insurance
Comparing government and conventional loan products
Curious about what you need to know about mortgage insurance? Watch this video and read my most recent blog post!
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Lizy Hoeffer NMLS ID # 260183. AZ LO-0913409 The Lizy Hoeffer Team AZ BK#0939614.
Hands down the best PMI explanation video I have seen. I have watched 30+ and this was the most valuable!
Wow, thanks! This means so much to me :)
@@LizyHoeffer thank you I thought the PMI percentage total was the amount ima pay a month so like from 1% of $200,000 is 2000$ which I thought was mortgage plus that 2000$ PMI I was like whattttttt , but I see you could pay out in front that make me feel even better now
Thanks for the video. The reason they don't go through it all is because they require you to have 6 min on average call time. I recently landed a job for a loan company that handles all this. Still in training. So your videos have provided more info, thank you.
Great information! Just a tip: have the background music a little lower. Other than that, awesome content.
Yep we are working on it! Future videos should be better! Thank you for tuning in!
Just came across this as I was working on some payment scenarios. This gives some good insight on payment expectations.
New sub, thanks for the info. Any thoughts on naca?
Thanks 🙏
The house I’m buying costs 510k, my credit score is 750 , how much will PMI cost me monthly or how much will it cost to buy it out. ?
Hi Lizy, My name is Daniel I live in Tucson Az and I'm buying my first home using an FHA loan. My total purchase price is 121,500 with the typical 3.5% down. My current projected mortgage insurance is around $85 a month. I am still in the early process of purchasing my home. Anyways, what options do I have with PMI?? Am I just stuck with the $85? Can my lender shop for lower PMI premiums? Thank you for your help. I am really happy I found your channel.
Hi Daniel! Thank you so much for reaching out to me! There is very little you can do about mortgage insurance when using an FHA loan aside from putting more down to lower the monthly premium. Have you looked into your conventional loan Options? You will have a lot more flexibility when it comes to mortgage insurance if you go that route!
I am happy to give you Second opinion. Let me know if you would like to speak
Hi, Id love to speak. Here is my email address. I can give u my phone number thru my email address. danielaranda0527@gmail.com. Thanks again Lizy.
My question is how does a VA loan affect the mortgage insurance?
And just overall more info on VA loans
VA mortgage insurance is known as a VA funding fee. It’s typically added to the loan amount and varies in percentage depending on loan to value, first time use, military branch and disability. Does that help?
How come my loan officer did not explain this to me? I gave 15% on a conventional for a $270k and my PMI is $187. Thanks for the info. I’m already closing on the house.
Did you end up talking to them about this?
Lizy Hoeffer yay!! Thanks for replying. We basically got a “it is what it is” answer. The deal fell through though, tenants refused to leave so we got our earnest money back. We are back to square one. Do you have a lender that you would recommend here in Bakersfield, CA?
@@JZ-ly6eb sunwest
The music was too distracting. No need for it at all
Dave Halpern yes we fixed it on future videos
I don’t know if I want to educate you. Cause seriously your information is incorrect. No MI is be oficia for any client. MIP is there to protect the lenders not the consumer. Smh stupid you tubers giving false info.
Mortgage insurance allows you to borrower higher loan to values. Not everyone has 20% and I think it’s valuable to share options. 🤷♀️ maybe go find another channel you like better
You don’t need 20% to get finance for a conventional loan. There is a 3% program for all first time home buyers paying .55 on MI Lizey or whatever your name is maybe you should stop putting out false information out there to these people. If you don’t know the info you shouldn’t make a video just to get views, maybe this is why you don’t know much about loans cause you don’t do them often and you probably count on you tube income. That would make sense. Good luck with your Chanel loan rookie