Category Archives: pmi

5 Smart Questions You Should Ask a Mortgage Lender in Chicago Before Doing Business With Them

Long before you go through your list of smart questions for the mortgage lenders and brokers in Chicago with whom you are considering doing business, it’s important to do your homework. Check customer reviews on Yelp and other review sites. … Continue reading

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I have been receiving a lot of questions about FHA Mortgage Insurance Premium, Here are Some Answers

FHA mortgage insurance is similar to the private mortgage insurance (PMI) required for conventional mortgages with down payments below 20%, but key differences exist: Up-front Fees: 1% up-front fee due at closing. Rate: For fixed rate loans, there is an … Continue reading

Posted in a and n mortgage, Chicago, commercial loan, conventional mortgage, credit history, down payment, FHA, fixed rate loan, lending, MIP, pmi, PMI premiums, refinance | Comments Off on I have been receiving a lot of questions about FHA Mortgage Insurance Premium, Here are Some Answers

The FHA Mortgage Insurance Premium

FHA mortgage insurance is similar to the private mortgage insurance (PMI) required for conventional mortgages with down payments below 20%, but key differences exist: Up-front Fees: 1% up-front fee due at closing. Rate: For fixed rate loans, there is an … Continue reading

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What Does 25 Percent PMI Coverage Actually Mean

Question?   What does 25 percent PMI coverage actually mean Answer:  25 percent coverage actually means that the MI company will pay out 25 percent of the loan amount and total expenses to the lender when a property goes into foreclosure … Continue reading

Posted in Fannie Mae, Federal National Mortgage Association, Freddie Mac, home loan, mortgage, pmi | 1 Comment