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Before we
explain how American United can help you remove the cost of PMI,
we must explain what PMI is all about.
Private
Mortgage Insurance (PMI), is an insurance premium required on
almost all loans when the loan-to-value exceeds 80%. For
example, if your purchasing a home for $100,000 and would like
to put 10% down you will be borrowing $90,000 or 90% of the
property value. In this case your loan-to-value exceeds 80% and
would require PMI.
It is
important to note that all lenders, not just American United,
require PMI. It's also important to note that PMI is not
life insurance, but rather an insurance premium required to
protect lenders against a borrower that defaults on their loan.
Since PMI
is an added monthly expense, American United has developed No
PMI options to most of our loan programs.
By
incorporating No PMI options, American United has been able to
help our clients save thousands of dollars a year in costly PMI
premiums.
Contact your
American United Lending Partner today at (800) 555-2035 to find
out if your loan will require PMI, and how our No PMI option can
help you save money each year. |
