100 Mortgage Financing A Way To Avoid Private Mortgage Insurance

100 Mortgage Financing A Way To Avoid Private Mortgage Insurance

Ideally, traditional mortgage lenders want new homebuyers to have a 20% down payment when purchasing a new home. Thus, if purchasing a $200,000 home, you should be prepared to have $40,000 as a down payment.

Unfortunately, many people do not have this kind of money lying around. For this matter, private mortgage insurance (PMI) was created as a way for mortgage companies to recoup their money if a homeowner defaults on the loan. There are various loans available to assist people with down payments. In some instances, homeowners can obtain 100% financing, and avoid PMI

What is Private Mortgage Insurance?

Because Americans are earning less money, and home prices are steadily increasing, the majority of the population is unable to save the recommended down payment of 20%. In order to make owning a home possible, mortgage companies created a particular mortgage insurance, (PMI), for people with less than 20% to put down on a home. This insurance protects the lender if you default on the mortgage.

How to Avoid Paying Private Mortgage Insurance

On average, PMI may increase your mortgage payment by $100 – sometimes less, sometimes more. However, there are ways to avoid paying this additional insurance. The obvious involves having at least 20% as a down payment. If this is not an option, homeowner may agree to a higher interest rate. Another tactic entails getting approved for 100% financing.

How Does 100% Mortgage Financing Work?

100% mortgage financing makes it possible to buy a home with no money down. Also referred to as a piggyback loan or 80/20 mortgage loan, 100% mortgage financing involves obtaining a first mortgage for 80% of the home cost, and a second mortgage, or home equity loan, for 20% of the home cost. Together, the first and second mortgage allows a home purchase with no money down, and no private mortgage insurance.

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California Mortgage Associates

Since 1987, California Mortgage Associates, the Central Valley's leading home loan lender, has built a strong reputation as an outstanding mortgage firm serving the lending needs of homebuyers, real estate professionals, and builders throughout California. 

We're a full service mortgage broker with an experienced staff offering expertise in every area of mortgage lending... including purchase, refinance, construction, commercial, home equity, FHA, VA, jumbo, and credit. We have access to a full range of mortgage sources and all of our lending specialists are dedicated to finding the right loan - with the best rates, terms and costs - to meet our clients' unique needs. 

We offer a unique lending experience; we combine the old time values of integrity, ethics and perseverance with 21st century technology and experience.  We have a long standing commitment to our communities.  We support the following charities and organizations: Habitat for Humanity Stanislaus, American Cancer Society, Rotary International, United Cerebral Palsy, Chamber of Commerce, and Lions Club.

Member of the Better Business Bureau.

California Department of Real Estate License #01160500

http://www.dre.ca.gov/

NMLS #2450

http://www.nmlsconsumeraccess.org/

Source  : Calmort.com

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Sell Annuity Payment

{Sell|Promote} My Annuity {Payments|Funds}

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