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Sisällön tarjoaa Real Estate Financial Planner LLC and James Orr and James Orr. Real Estate Financial Planner LLC and James Orr and James Orr tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.
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What Affects Your PMI Rate

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Manage episode 396363848 series 3363822
Sisällön tarjoaa Real Estate Financial Planner LLC and James Orr and James Orr. Real Estate Financial Planner LLC and James Orr and James Orr tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.

What Affects Your PMI Rate

Lenders prefer that you put at least 20% down, but if you push hard enough, many will allow you to put less than 20% down if you're willing to purchase insurance to protect them in case you default. This insurance is called Private Mortgage Insurance.

The cost of this insurance depends on several factors. Some are primary factors and have a significant impact on the cost of the insurance policy. Other factors are secondary and affect the premium, but only to a smaller extent.

In this mini-class, James will go over the things that affect your private mortgage insurance rate if you decide to put less than 20% down when buying properties.

Check out the video from this class here:

What Affects Your PMI Rate - Video

In this class, James discusses:

  • What is Private Mortgage Insurance (PMI) and why does it exist?
  • Factors that affect your PMI rate
  • Loan-To-Value of the property (often just the first lien)
  • Coverage amount for the lender
  • Your credit score
  • Amortization term of the loan itself - shorter terms have lower PMI
  • Fixed and variable payment amounts
  • Time you’ve been paying the rate
  • Lender (separate pricing sheet for Credit Unions)
  • Hard minimums for PMI rates
  • Cash-out refinance
  • Second home
  • Employee relocation loans
  • Manufactured Homes
  • Investment Property
  • 3-4 units
  • Lender-Paid Monthly Premium
  • Declining Renewals
  • Annual Premium
  • Refundable Monthly Premium
  • High Debt-To-Income Ratio (> 45% DTI)
  • More than 1 borrower on the loan (reduces PMI rate)
  • Plus much more...

Free Real Estate Deal Analysis Spreadsheet: Download a copy of the newest version of The World's Greatest Real Estate Deal Analysis Spreadsheet™ by going to:

https://RealEstateFinancialPlanner.com/spreadsheet

Improve Cash Flow: Book a consultation to improve cash flow using our proprietary 88 cash flow improving strategies.

Real Estate Agent & Lender Collaborators: Interested in collaborating with us on the College Station real estate investor podcast? Book a free consultation to discuss.

  continue reading

110 jaksoa

Artwork
iconJaa
 
Manage episode 396363848 series 3363822
Sisällön tarjoaa Real Estate Financial Planner LLC and James Orr and James Orr. Real Estate Financial Planner LLC and James Orr and James Orr tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.

What Affects Your PMI Rate

Lenders prefer that you put at least 20% down, but if you push hard enough, many will allow you to put less than 20% down if you're willing to purchase insurance to protect them in case you default. This insurance is called Private Mortgage Insurance.

The cost of this insurance depends on several factors. Some are primary factors and have a significant impact on the cost of the insurance policy. Other factors are secondary and affect the premium, but only to a smaller extent.

In this mini-class, James will go over the things that affect your private mortgage insurance rate if you decide to put less than 20% down when buying properties.

Check out the video from this class here:

What Affects Your PMI Rate - Video

In this class, James discusses:

  • What is Private Mortgage Insurance (PMI) and why does it exist?
  • Factors that affect your PMI rate
  • Loan-To-Value of the property (often just the first lien)
  • Coverage amount for the lender
  • Your credit score
  • Amortization term of the loan itself - shorter terms have lower PMI
  • Fixed and variable payment amounts
  • Time you’ve been paying the rate
  • Lender (separate pricing sheet for Credit Unions)
  • Hard minimums for PMI rates
  • Cash-out refinance
  • Second home
  • Employee relocation loans
  • Manufactured Homes
  • Investment Property
  • 3-4 units
  • Lender-Paid Monthly Premium
  • Declining Renewals
  • Annual Premium
  • Refundable Monthly Premium
  • High Debt-To-Income Ratio (> 45% DTI)
  • More than 1 borrower on the loan (reduces PMI rate)
  • Plus much more...

Free Real Estate Deal Analysis Spreadsheet: Download a copy of the newest version of The World's Greatest Real Estate Deal Analysis Spreadsheet™ by going to:

https://RealEstateFinancialPlanner.com/spreadsheet

Improve Cash Flow: Book a consultation to improve cash flow using our proprietary 88 cash flow improving strategies.

Real Estate Agent & Lender Collaborators: Interested in collaborating with us on the College Station real estate investor podcast? Book a free consultation to discuss.

  continue reading

110 jaksoa

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