What is the Purpose of PMI? – North Florida Mortgage

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PMI advances the careers of practitioners, while enhancing overall business and government performance, through documentation of return on investment. PMI has more than 600,000 members and 400,000 PMPs (Project Management Professional certification) in over 180 countries. Within Los Angeles, there are over 2,000 PMI Members.

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To remove PMI, or private mortgage insurance, you must have at least 20 percent equity in the home. You may ask the lender to cancel PMI when you have paid down the mortgage balance to 80 percent.

How much is pmi? mortgage insurance rates for PMI vary according to a number of factors, primarily your credit score and the amount of your down payment. For most borrowers, mortgage insurance premiums will be an annual fee 0.35-0.9 percent of your loan amount, billed as part of your mortgage payments in equally monthly amounts.

The proceeds from the mortgage insurance paid by the homeowners are captured in an account that is used to operate the program entirely. FHA provides a huge economic stimulation to the country in the form of home and community development, which trickles down to local communities in the form of jobs, building suppliers, tax bases, schools, and other forms of revenue.

What is PMI? Can I get rid of the PMI on my loan? 11-2009 A provision that allows homeowners to treat mortgage insurance premiums the same as interest is in place through at least 2010.The deduction applies to mortgage insurance premiums paid on acquisition not on refinancing debt. The deduction is phased out for taxpayers with adjustable gross incomes over $100,000.

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Private mortgage insurance is coverage required by traditional lenders when the borrower has a down payment smaller than 20 percent of the value of the home. Although the term sounds very similar to private mortgage notes, private mortgage insurance is not a type of coverage exclusively for private mortgage notes.

Private mortgage insurance protects mortgage lenders from losses if you default on your loan and your home goes into foreclosure. Essentially, mortgage PMI covers the lending institution for any shortages between the cost of liquidating a home and the amount borrowed with little or no down payment or ‘skin in the game’.

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