Health & Fitness
First-Time Home Buyers: PMI Insurance to Increase on April 1, 2013
On April 1, 2013, monthly PMI insurance will increase from 1.25% to 1.35%.
“PMI” or Private Mortgage Insurance, refers to a type of insurance that most lenders require of all borrowers who put less than 20% down on their home. PMI’s purpose is to protect the lender against losses should the borrower default.
With the protection of PMI, lenders are able to give homeowners loans with down payments as low as 5% or 10%. First-time buyers often opt for PMI insurance because cash for downpayments and closing costs may be tight.
Those who are currently searching for new homes and are unable to put 20% down on the loan should consider submitting a contract in the next few weeks. On April 1, 2013, monthly PMI insurance will increase from 1.25% to 1.35%. In order to avoid these cost increases, the borrower must have an accepted contract with their lender – with a valid case number – by March 31, 2013. The monthly PMI increase will stay in effect for the life of the loan.
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Fischer & Frichtel offers many opportunities for first time homeowners to take advantage of before the increase begins – all starting in the $100’s.
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