Georgia Private Mortgage Insurance
If you take a conventional mortgage loan in Georgia, you will need to pay Private Mortgage Insurance (PMI). PMI serves to protect the lender from incurring a loss if you fail to settle your mortgage. Most Georgia lenders charge PMI to borrowers with 20% down payment or less. So one way of avoiding PMI is increasing the down payment on your mortgage to anything more than 20%. Moreira Team has several tips on how to cut PMI costs and save on your monthly mortgage. Be sure to contact us for that and more saving tips.
Meanwhile, you need to know that Georgia private mortgage insurance is calculator based on several factors. They include:
- The location of your home.
- The loan term.
- Whether the property is a primary residence or a second home.
- Down payment
- Credit score
- Whether you are purchasing or refinancing
Ultimately, the value you will get will be charged to your mortgage loan payments. There are various ways in which you can pay your Private Mortgage Insurance in Georgia. You can pay it at once as a lump sum or opt for monthly payments and incorporate it in your other mortgage payments. It can also be priced into your interest rate. This leaves a window for you to choose which mode of payment suits you among the three.
You will stop being charged Private Mortgage Insurance once your principal loan amount has reached 78% loan to value. This will ease you financially and enable you to save or increase your mortgage payments. Note that although virtually all conventional loans attract PMI whenever the down payment is 20% or less, you can still get a mortgage deal with a lender-paid PMI. Some Georgia lenders agree to pay part of the PMI as an incentive for borrowers. If you want to know how to get such a mortgage loan simply contact Moreira Team and we will help you.
Georgia City Mortgage Service Areas