The Finnin Zech Group
Address: 33747 North Scottsdale Rd Suite 101, Scottsdale, AZ 85266
What is PMI?
Having a traditional down payment of 20% isn't something everyone can do when buying a home. There are many loan options out there for you that don't require 20%. We work with a few different lenders and each have a different product to offer. So it is beneficial to talk to a few to see what would work best for you and your situation.
PMI is a form of mortgage insurance that is required, if you are purchasing a home with a conventional loan and have under 20% percent down payment. There isn't a set cost of this montly mortgage insurance. This insurance is to protect the lender. Your credit score and your actual down payment amount will determine your premium each month.
MIP (Mortgage Insurance Premium) is the same type of insurance when purchasing a home with an FHA loan.
There is a difference between PMI and MIP. PMI can be cancelled once your reach 80% equity in your home. MIP often requires you to refinance as the way to eliminate the MIP.
If you have any questions on PMI or MIP give us a call at 480.369.0072. We have a few lenders for you to speak with on how you can begin to purchase your next home!
Do you live in a buyers or sellers market?
Here is our 85086 zip code in North Phoenix. Inventory has dropped quite a bit this summer. Still have a slight sellers market here.
Remember Real Estate is local, comment with your zip code and we will generate a report for your neighborhood! #finninzechgroup#tramontocommunity #northphoenixhomes #phoenixhomes#cavecreekhomes #carefreehomes #anthemhomes