PMI | Tampa Bay Homes for Sale

What is PMI?

If you’re buying a home for sale in Riverview and using a loan to do it, you may have to learn about private mortgage insurance, or PMI. What is PMI? Private mortgage insurance (PMI for short) is a type of insurance that protects your lender in the event that you don’t make your monthly mortgage payments. Typically, PMI is required for buyers who are putting down less than 20% as a down payment on a mortgage loan. (Lenders believe that someone who’s willing to put down 20% is more invested … Continue reading...

How Long Do You Have to Pay PMI?

If you’re buying a home for sale in Riverview and will have to pay private mortgage insurance, or PMI, you’re probably wondering how long you’ll have to make these extra payments. How Long Do You Have to Pay PMI? For a conventional loan, you won’t have to pay PMI for the full length of the mortgage. However, you will have to pay it until you’ve paid the mortgage down to 78 percent of the home’s value when you purchased it. At that point, on a conventional loan, your lender is supposed to … Continue reading...

Mortgage Term Glossary for Tampa Bay Home Buyers

Mortgage Glossary for Homebuyers - Tampa Bay Homes for Sale

If you’re like most people, you’ll need to borrow money from a lender in order to buy a home in Tampa Bay. That means you’re going to hear a lot of new terms floating around when it comes to financing… but what do they all mean? Check out our mortgage term glossary to make sure you can pick up what your lender is laying down. Mortgage Term Glossary for Tampa Bay Home Buyers Adustable-Rate Mortgage An adjustable-rate mortgage is a loan with an initial fixed-rate period; after that, your … Continue reading...

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