{"id":1139,"date":"2020-12-18T06:00:27","date_gmt":"2020-12-18T11:00:27","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1139"},"modified":"2024-04-25T23:20:27","modified_gmt":"2024-04-26T03:20:27","slug":"a-guide-to-private-mortgage-insurance","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/a-guide-to-private-mortgage-insurance\/","title":{"rendered":"A Guide to Private Mortgage Insurance"},"content":{"rendered":"\n
\"Picture<\/figure>\n\n\n\n

Private mortgage insurance, commonly known as PMI, is a specific\ntype of insurance you might have to pay when you take out a mortgage. As a\nrule, a mortgage lender tacks on the policy, which comes from a private\ninsurance firm, if a buyer doesn\u2019t put at least 20% down on the purchase price.\nPMI also comes into play in refinancing. A homeowner whose equity is less than\n20% of the home\u2019s market value will likely be asked to pay for private mortgage\ninsurance.<\/p>\n\n\n\n

The rationale? When a home buyer has less than 20% of a\nhome\u2019s appraisal price to submit as a down payment, the loan-to-value (LTV)\nratio is above 80%. Borrowers in this category are considered more likely than\nothers to default on their mortgages. <\/p>\n\n\n\n

So, like other kinds of mortgage\ninsurance<\/a>, PMI protects the bank, not the borrower. It\u2019s meant to\nreimburse a lending institution if the borrower stops repaying the mortgage.<\/p>\n\n\n\n

To\nPay or Not to Pay?<\/p>\n\n\n\n\n\n\n\n

The monthly cost of PMI will depend on your LTV ratio. Expect it to be between $30 and $70, says Freddie Mac<\/a>, for every $100,000 you borrow.<\/p>\n\n\n\n

To avoid this (it adds up!), many people delay home buying to\nsave for a 20% down payment. That heftier down payment can have the added\nbenefit of helping the buyer get a lower interest rate.<\/p>\n\n\n\n

Other buyers might decide to accept PMI. It allows them to\nobtain a mortgage \u2014 and therefore a home \u2014 that they couldn\u2019t get otherwise. <\/p>\n\n\n\n

Now, you might be thinking, \u201cWait! Never buy a home until\nyou can put 20% down!\u201d But imagine you\u2019re hoping to buy a small condo, priced\nat $150,000. You\u2019ll need to place a $30,000 down payment on the condo to get to\nthat 20% level and avoid PMI. You know you\u2019ll have to set aside 1% to 2% in\nclosing costs. You’ll need around $4,000 for closing cost fees, taxes and\ninsurance; at least another $1,000 for furnishing and fixing up once you move\nin; and, if possible, $10,000 in cash reserves. Reasonably, you don\u2019t see a way\nto put $30,000 down at this time. <\/p>\n\n\n\n

Beyond basic cost calculations, something completely out of\nthe blue could happen before closing. Your loan could fall through because\nsomeone sues the condo property. Then you might need a different underwriter to\nback your mortgage, and that underwriter may insist on PMI.<\/p>\n\n\n\n

What will you do? Forget about the condo idea for now? Or should\nyou just accept the PMI to put that condo within your reach? <\/p>\n\n\n\n

\u201cIt All Depends\u2026\u201d<\/h2>\n\n\n\n
\"Image<\/figure><\/div>\n\n\n\n

If you are currently renting an expensive apartment, or\ndon\u2019t have the option of renewing your lease, or you\u2019re living with family or\nfriends, it might be worth it to you to bite the bullet and pay the PMI. Maybe\nyou\u2019ve found a great deal on this condo, and interest rates overall are very\nlow, and you believe it makes sense to invest in your own home now \u2014 so it\u2019s\nworth it to pay $50 a month or so extra for PMI. <\/p>\n\n\n\n

Maybe you reasonably do not want to put 20% down, because a\nbig down payment will clear out your cash reserves when you buy \u2014 putting you\nat risk of financial failure if anything unexpected comes along in life. Even a\ncondo property needs fixes that unit owners must cover, such as HVAC and major\nappliance replacements. And one we\u2019re all keenly aware of since 2020? It may be\nunwise\nto take steady income for granted<\/a>. For everyone, cash reserves are\nvital \u2014 and especially so for a new homeowner. <\/p>\n\n\n\n

Moreover,\nif you do go ahead and accept the PMI to buy your new home, you can make extra\npayments on your mortgage principal to accelerate your rate of equity-building\nand lower your LTV ratio. Then, you\u2019ll be in the position to have the PMI\npremium cancelled. If you\u2019re on an FHA loan, you won\u2019t be able to do that, but\nyou can <\/em>refinance later to a PMI-free, conventional loan. <\/p>\n\n\n\n

In short,\ndon\u2019t assume you\u2019re stuck with that PMI forever. Indeed, you should get it\nremoved as soon as possible. Remember, PMI itself does nothing to protect you<\/em>\nfinancially.  <\/p>\n\n\n\n

So, ultimately, to pay or not to pay PMI is a personal,\nfact-specific question. How much PMI will be you expected to pay? It makes a\ndifference whether you have to pay an extra .1% of the mortgage or an extra 1%!\nAsk your mortgage specialist to go over the pricing with you to make a\nwell-informed decision.<\/p>\n\n\n\n

Possible Alternatives, and Pitfalls to Avoid<\/h2>\n\n\n\n

The closer to a 20% down payment you can get, the easier the\nterms of the PMI will be. But if you\u2019re only short by a fairly small amount, you\nmight have several options to avoid PMI entirely.<\/p>\n\n\n\n

Are you a first-time home buyer? Then you may take up to $10,000\nfrom your individual retirement account to put into your down payment without getting\nzapped by the early IRA withdrawal penalty. But look out! That counts as\n$10,000 more in taxable income you\u2019re receiving in the year you buy a home.\nTake money out of your IRA, and your income taxes could (unpleasantly) surprise\nyou.<\/p>\n\n\n\n

Check your local and state government options, too. Some\nassist first-time buyers with low down payments avoid PMI, up to a specific\nincome cap.<\/p>\n\n\n\n

You might have heard of an option called lender-paid private mortgage insurance, or LPMI. This\namounts to a lump-sum payoff at closing, or a hike in your mortgage interest\nrate with no option to cancel the tacked-on charge. So\u2026there is no lender-paid\nlunch. Can you take the higher mortgage interest rate and refinance later? Ask\nyour mortgage specialist. <\/p>\n\n\n\n

And know the risks of accepting a PMI that has no\ncancellation provision once you get past your 80% LTV ratio. If you can\u2019t\ncancel it later, you\u2019ll have to refinance. And if you\u2019re buying when rates are historically\nlow, they could go up again in a few years\u2019 time, making refinancing less\nattractive.<\/p>\n\n\n\n

\u261b Fine print<\/em><\/strong>: The PMI premium is tacked onto your monthly mortgage due. See your\u00a0loan estimate<\/a>\u00a0when you apply for your loan, and\u00a0your closing disclosure<\/a> before you go into settlement. If you make a partial or total PMI payment up front, and later you sell or refinance the home, you might not be reimbursed for an advance premium.<\/p>\n\n\n\n

Ask the Experts<\/h2>\n\n\n\n

An experienced local mortgage specialist is your best source\nof advice when it comes to suggesting money-saving moves. For a few examples, ask\nyour mortgage representative about FHA-backed loans, VA loans, or, if you\u2019re\nbuying in a rural area, USDA loans. There might be one that\u2019s more appealing to\nyou than a conventional loan with PMI tacked on. <\/p>\n\n\n\n

Alternatively, is your mortgage specialist able to suggest a\nbridge loan that could work for you? Some buyers apply for a home equity line\nof credit that doesn\u2019t impose a penalty for early payoff. If this option is\nviable for you, it might be possible to put 20% down, getting your principal\nlower from day one.  <\/p>\n\n\n\n

Another good move is to check with a tax expert about the\ndifferent financial outcomes of your current and future options \u2014 especially if\nyou\u2019re raiding that retirement account.<\/p>\n\n\n\n

So, the Bottom Line on PMI? <\/h2>\n\n\n\n

Deciding whether to accept PMI is a personal financial\nmatter, and highly fact-specific. In certain situations, accepting PMI is an\nexcellent way to buy the right home. In other circumstances, better financial alternatives\nexist. Either way, the terms will depend on your financial profile, the home\u2019s\nlocal market conditions, your loan underwriter\u2019s preferences and rules, and how\nmuch time you have to deliberate.<\/p>\n\n\n\n

Supporting References<\/strong><\/p>\n\n\n\n

Consumer Financial Protection Bureau Fact Sheet: What Is Private Mortgage Insurance<\/a>?<\/p>\n\n\n\n

And as linked. Photo credit: Wes Hicks<\/a> and Micheile Henderson<\/a>, via Unsplash. <\/p>\n","protected":false},"excerpt":{"rendered":"

Private mortgage insurance, commonly known as PMI, is a specific type of insurance you might have to pay when you take out a mortgage. As a rule, a mortgage lender tacks on the policy, which comes from a private insurance firm, if a buyer doesn\u2019t put at least 20% down on the purchase price. PMI […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-1139","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"\nA Guide to Private Mortgage Insurance - Deeds.com<\/title>\n<meta name=\"description\" content=\"So, like other kinds of mortgage insurance, PMI protects the bank, not the borrower. 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