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Home > Financial Services > Mortgage Brokers > PMI Mortgage Insurance.
PMI Mortgage Insurance.
A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan. Mortgage brokers are the middleman between you and the lending institution, which can be a bank, trust company, credit union, Mortgage Corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes.
Private Mortgage Insurance is an insurance to protect the lender against the borrower's default. PMI is needed when the borrower puts down less than 20percent on a loan relative to the value of the asset. Mortgage insurance benefits homebuyers as lenders are now willing to offer mortgage loans with very low down payment. Even if you have 20 percent for a down payment, you may prefer to use it for other purposes.
The Company is a big boon to homebuyers, with Private Mortgage Insurance, a larger loan is possible, and may increase the tax deductions for mortgage interest. The premium is determined by the size of the down payment, the type of mortgage and the amount of insurance. The homeowner can initiate termination of the PMI in writing when the balance reaches 80percent of the original value. If the value of the home has increased due to home improvements or market conditions, the homeowner may not be required to pay the PMI.
The Company insurance assists you through six basic steps in procuring a loan for buying a house or renovation of your home. The six steps are getting your documents organized, convincing the loan company that you qualify for the loan, explains the best loan plans from various companies available within your budget, applies for the loan, obtains approval for the loan, and assists in closing the loan.
PMI Mortgage Insurance is dedicated to a goal which is to save you money, distress and time and they guarantee results. Whether you are a new residential home buyer, a seasoned commercial developer, or simply refinancing an existing mortgage, the Company offers the best package of service, rates, and closing finesse few in the industry can come close to.
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