prestonware

What is PMI ?

Our Favorite Wholesale Lender has the Lowest PMI Rates in the Country

Here is a Video comparing Borrower paid PMI vs Lender paid PMI

Here is a Video comparing Conventional and FHA PMI

Typically FHA loans have lower interest rates than Conventional Fannie Mae Loans but the PMI is higher. Not only the monthly PMI but 1.75% of the loan amount is financed PMI on top of the loan.

We always want to try to place you with conventional financing if we can. Eventhough the interest rate is higher , the PMI is much lower and it can be removed when the balance of the loan gets to be 80% of the price of the house. If you have PMI with an FHA loan, the only way it can be removed is by refinancing into a new loan.

One thing that helps us determine which way to go is the customers credit score. usually higher scores point us towards conventional financing.

What is PMI ?

PMI is a Magical Thing that Allows You to Buy More Home with Less Out of Pocket

It’s the American Way! What’s the payment we ask. Here is the standardized version of the PMI video from my favorite lender. The video also touches upon the difference between “Borrower paid PMI” and “Lender paid PMI”.

Here is a Video that explains the pros and cons of PMI when it comes to comparing a Conventional loan and a FHA loan

We will always show you both options. Typically conventional pricing is better for higher credit score customers

Location www.mortgagebrokerslakeworth.com & lakeworthbeachmortage.com are the personal websites for Preston Ware III - Florida Mortgage Originator NMLS # 216170. Employee of Lake Worth Beach Mortgage Inc NMLS # 2323390. We have nothing to do with the City of Lake Worth Beach accept we live here. Phone 561 329-0075 E-mail preston@lakeworthbeachmortgage.com Hours Monday thru Friday 9-6 Saturday 10:00-3:00 Calls after hours will be returned before 12:00 the following day.
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