Arizona Private Mortgage Insurance
March 31, 2011 by Eddie Knoell · Leave a Comment
Private mortgage insurance (PMI) is required on conventional mortgages when you make a down payment less than 20%. PMI is required because loans with lower down payments are considered to be higher risk. A typical PMI payment is around .64% percent of your interest rate. So that averages out to be about $106.00 per month [...]
Understanding the FHA Mortgage Insurance Premium (MIP)
March 28, 2010 by Eddie Knoell · Leave a Comment
* Disclaimer – all information in this article is accurate as of the date this article was written * The FHA Mortgage Insurance Premium is an important part of every FHA loan. There are actually two types of Mortgage Insurance Premiums associated with FHA loans: 1. Up Front Mortgage Insurance Premium (UFMIP) – financed into [...]
Why Do I Need To Pay A VA Funding Fee?
March 28, 2010 by Eddie Knoell · Leave a Comment
The VA Funding Fee is an essential component of the VA home loan program, and is a requirement of any Veteran taking advantage of this zero down payment government loan program. This fee ranges from 1.25% to 3.3% of the loan amount, depending upon the circumstances. On a $150,000 loan that’s an additional $1,875 to [...]
