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Benefits of Private Mortgage Insurance (PMI)
If you are uncertain as to if PMI is right for you, let’s take a look at what PMI is all about as well as some of the benefits you stand to gain.
What Is PMI?
Private Mortgage insurance is a kind of insurance that offers protection for the lender in the event that they default on the loan. Mortgage insurance is usually not needed if you provide a down-payment of not lower than 20 percent of the purchase price of the home. PMI is added to the mortgage payment you make monthly.
Benefits you stand to gain from Private Mortgage Insurance (PMI)
Below are some of the benefits you stand to gain from PMI, they include:
Less Money Down
If you are in a rush to become a homeowner, perhaps because you just moved into a new city or your lease is almost expired, or maybe you are just tired of paying the mortgage of someone else when you could channel your resources to yours.
Regardless of your reasons, if you really need to become a homeowner quickly and it doesn’t seem you would be able to get the needed 20 percent down payment in time, then PMI is of great benefit to your needs.
Although PMI provides lenders with protective benefits, it also assists you in getting your own home with lower down payment and getting the status of homeowner much faster than you may have anticipated.
Tax Deduction
Being a homeowner would result in a large number of tax deductions, although it would be required that you itemize your deductions by utilizing Schedule A with form 1040. The mortgage interest deductions can place the users of PMI in a lesser tax bracket which in turn minimizes their liability on tax.
If an individual makes the decision to keep saving up to meet up the 20 percent down payment instead of buying a home by utilizing PMI, they will not have access to this tax deduction.
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Featured Rates
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6.45%| Term | Rate |
|---|---|
| HELOC | 7.2% (Prime rate) |
| Lender | Rate | Term |
|---|---|---|
 Lendwise |
4.79% | 5 year |
 First National Financial |
4.89% | 4 year |
 RMG Mortgages |
4.99% | 3 year |
 Street Capital Bank |
5.89% | 2 year |
 TD Bank |
6.19% | 1 year |
| Term | Rate |
|---|---|
| 5 year variable | 6.2% (Prime - 1%) |
| 3 year variable | 6.25% (Prime - 0.95%) |
| Term | Rate |
|---|---|
| Line of Credit | Starting at 7.2% |
| Equity Loans | Starting at 6.5% |
| Private Mortgages | Starting at 7.99% |
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Avoid inflation
Over time, inflation can result in an increase in the process of homes. It takes a lot of time to get enough funds to settle down payments to buy a home and if it takes that much time, potential homeowners can end up spending way more in purchasing a home.
By utilizing PMI which only requires a premium for just a few years, potential homeowners can end up cutting a huge chunk of additional expenses they may have ended up with.
Payment Is Not Forever
This is one of the best parts of a PMI. Do you know that you only need to make payments till the loan attains an 80% loan to value? Yes, this basically means that after a while and you have carried out payment of your loan balance, you won’t be required to pay your mortgage anymore.
The following are just a few of the benefits provided by Private Mortgage insurance. If you desire to attain the homeowner status quickly, then this is certainly your best choice.
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Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.
Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!
Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.
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