Mortgage Loan Request


Get A Mortgage Loan
Complete Our Quick, 45 Second, Secure Online Quote Form for Your Free Custom Quotes

Mortgage Type:

Mortgage Amount:

Receive Up to Four Competing Quotes

Lower Your Rate!
Lower Your Payment!

Pre-qualify Now

Invest in Real Estate

Search for Properties

Find a Realtor

Loan Glossary

Invest in Real Estate

Search for Properties

Find a Realtor

Find a Realtor

Free Home Valuation
Equal Housing Opportunities

Fill Out Our FREE, No Obligation, 45 Second Mortgage Quote Form
Your Loan Is Submitted to Lenders Nationwide That Compete for Your Mortgage

Mortgage Type:
Mortgage Amount:

You Choose the Best Mortgage Offer & Rate That Meets Your Needs
Lower Your Rate and Lower Your Mortgage Payments Today!

Understanding PMI or Private Mortgage Insurance

Free Mortgage Loan Quotes

Complete Our Secure Form for Free Mortgage Quotes

Mortgage Type:

Mortgage Amount:

Receive Up to Four Competing Mortgage Loan Quotes
100% Free & There Is Never Any Obligation

Refinance . Second Mortgage . New Home Purchase
Home Improvement . Home Equity . Reverse Mortgage

It takes less than 45 seconds

PMI is required if the down payment on your new home is less than 20%. You're indemnifying the lender from the possible eventuality of you defaulting on the loan will enable you to purchase with very little down.

Typically the charges for a PMI plan are around one-half of one percent (0.005) of the loan.

So, an example would be: If you put down 10% or $20,000 on your new $200,000 dollar home the formula applied means that you will pay .005 percent on $180,000 or $900. This being an annual charge the monthly payment calculates out to $75 per month. More often than not a homeowner cannot raise enough for the initial deposit and so they must secure the PMI and then they must pay this cost until they have paid no less than a fifth of the initial principal back. This can take years to accomplish.


When your LTV, loan to value ratio, reaches 80% you should notify the lender that you no longer need to satisfy the requirements for PMI and that you wish to stop paying the premiums. Laws that went into effect in 1999 require lenders to inform the buyers at closing exactly how long they will need to carry PMI before they achieve the 80% level required to stop. This same law requires that the lender automatically discontinue all PMI at 78%.

Keep in mind that the law will allow the lender to keep the PMI enforced down to the 50% level if you fall into one of these high-risk categories:

  1. Reduced documentation loan
  2. Bad or questionable credit history
  3. High debt-to-income ratio
  4. Its an FHA loan (requires payment of PMI throughout the entire life of the loan)
How to Avoid PMI:
  1. Pay more interest - from .75 percent to 1 percent, depending on the down payment. The advantage is that mortgage interest is tax deductible.
  2. Secure an "80-10-10" loan and, again, there is the advantage of mortgage interest being tax deductible.

Print Page  

About Us Contact Us Link To Us Free Tools Affiliate Program Advertise Realtors Lenders
Get A Mortgage Loan   Mortgage type:
Mortgage amount:

Receive Up to Four Mortgage Loan Offers
Copyright © 2004-2016 Mortgage Loan Request. All rights reserved. Site Map, Press, Privacy Policy, Terms of Use