When buying a home and shopping for a mortgage there are lots of new and unknown terms and one of those is often PMI. What is PMI? PMI stands for private mortgage insurance and chances are if you are first-time buyer you will have to pay it.

First things first, PMI is for the lender, not for you. Typically, homebuyers who put down less than 20 percent on their homes are required to pay private mortgage insurance. PMI protects the lender in the event that you default on the loan.

Mortgage insurance requirements vary by loan type and are not inevitable. Different loan types will have different mortgage insurance requirements. You will want to shop around because some loans have no PMI requirements at all. If your loan has PMI some lenders may offer something called “lender paid mortgage insurance” in exchange for a slightly higher interest rate.

Here are some typical loans and the PMI requirements:

FHA loans: Require mortgage insurance to be paid up front and monthly if equity in the home is less than 20 percent.

VA loans: Do not require mortgage insurance.

USDA loans: Do not require mortgage insurance.

Conventional loans: Require mortgage insurance if equity is less than 20 percent.

If you have to pay mortgage insurance you are not stuck with it forever. Once you reach an equity position of 20 percent or more you will be able to stop making mortgage insurance payments.  When you reach this position notify your lender, who will send you information on what is required for your specific loan program to get rid of mortgage insurance payments.

Seekonk, MA:

This Single-Family in Seekonk, MA recently sold for $350,000.

This is a Raised Ranch/Split Entry style home and features 7 total rooms, 3 full baths, 1 half bath, 3 bedrooms, 0.95 acres, and was sold by
Meyer & Boss Team – Sankey Real Estate

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This amazing property needs to be seen to be appreciated! Renovated in 2011/2012, the first floor offers an open floor plan with eat in kitchen complete with custom soft close solid maple cabinets, beautiful granite countertops, and hardwood flooring. The formal dining room has hard wood floors, walls trimmed with wainscoting and crown moulding. Living room and a family room on the first floor have beautiful hardwood flooring and a fireplace. The 2nd floor provides 4 bedrooms and 2 bathrooms including a Master Suite with slider onto a balcony. Potential for an in law setup. Above ground pool in fenced in backyard provides a great area for kids. Nothing todo here but move in. Perfect house for entertaining. Set an appointment today to check out this great house!

This is a Colonial style home and features 10 total rooms, 2 full baths, 1 half bath, 4 bedrooms, 0.69 Acres, and is currently available for $499,900.

For complete details click here.

Date: 05/29/2016 Time: 11:00 AM to 1:00 PM  
For Directions: feel free to contact me.  
For more information: click here for the full details  

Great solid home with nothing to do but move in. All replacement windows, doors, siding, and a newer roof. Updated electrical both in and outside. Home boasts 3 good size bedrooms with a great size family room. There is an over sized 2 car garage with a huge bonus room attached. The room is great for a pool room or rec room for the family. The outside offers a high end above ground pool and newer hot tub with trex deck and an outdoor barbecue area. The basement is waiting to be finished for future expansion. The house has been meticulously maintained over the years. This is the one you have been waiting for!

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