WHAT IS PMI, AND IS IT REQUIRED?

PMI, or private mortgage insurance, is a type of coverage that helps protect your mortgage lender in the event that you are unable to make payments on your home. This can include several different types of costs and fees related to your mortgage, including interest rates and monthly payments.

Paying your mortgage typically includes several different components, such as your principal balance, interest rate, and monthly payment amount. However, in order to protect the lender if you are unable to make payments on the loan, most mortgages also include PMI. This coverage helps to offset any risk that the lender may have when it comes to lending money for a home purchase or refinance.

IF YOU DO NOT PUT 20% OR MORE DOWN YOU WILL HAVE PMI

If you are considering taking out a mortgage, it is important to understand the different components that make up your monthly payment. At the end of the day, working with a knowledgeable lender and understanding all of the details of your home loan can help you make the best financial decision for your individual situation.

If you would like to sit down with me and review your unique situation I would love to help. Give me a call at 509-737-7161 to get an appointment scheduled.

Thanks,

Jeremy Brock NMLS 1170125
Branch Manager Cornerstone First Mortgage
509.737.7161 CELL
jeremy.brock@cfmtg.com