Blog Category: loan types
Everyone likes to think PMI (Private Mortgage Insurance) is evil. Everyone likes to think they should not have to pay it, and everyone wants to find a way around paying it. There are ways to work around PMI, but like all things in life, there are trade-offs. A person really needs to look at all the options and trades-offs, and consider how long they think they are likely to spend in their new home. Then everyone needs to consider paying PMI! What do I mean?
Each mortgage lender has dozens of loan programs, and there must be hundreds of lenders. We work with 50 lenders or so, and each lender may have a different interpretation or guideline for each facet of the loan; related to credit, income, appraisal, assets and debt ratios. Imagine the hundreds or even thousands of permutations,