July 30, 2010

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What is Mortgage Insurance and Who Does it Protect?

July 13, 2010 By Bill Rice Leave a Comment
Private Mortgage Insurance - Who's Gamble?

Image by woodleywonderworks via Flickr Mortgage Insurance, also know as Private Mortgage Insurance (PMI) or Mortgage Protection Insurance, is insurance paid by the borrower to protect the lender against their failure to repay the home loan. Lenders require PMI on all home loans that have less than a 20% downpayment, that is a mortgage of more than 80% of the home’s appraised value or Loan-to-Value (LTV). Piggy-back Loans to Avoid PMI PMI can be a very expensive additional cost to buying a … [Read more...]

Filed Under: PMI Tagged With: Down payment, Home equity, insurance, Lenders mortgage insurance, Loan to value, mortgage, Mortgage Insurance

Small Bank Bailouts, The Great Recession, JP Morgan Loan Modifications, Global ZIRP, PMI Losses, GM No Bailout Merger

November 3, 2008 By Bill Rice Leave a Comment
small bank

Small Bank Bailouts Financial market calamity was narrowly averted today as Farmers National Bank of Emlenton is expected to get a much needed capital injection from the US government. William Marsh, CEO led with this, "they were giving out free stuff"-type quote in the WSJ: "It seemed like the consensus in the industry was...go out and get this," said William Marsh, president and chief executive of Farmers National Bank of Emlenton, in Emlenton, Pa. Mr. Marsh said his bank is healthy and viable … [Read more...]

Filed Under: Economy, FDIC, Federal Reserve, Foreclosure, Housing Prices, Mortgage Rates, PMI, Politics, Treasury, US Banks Tagged With: bailout, gm, jp morgan, Loan Modification, PMI, recession, small banks, zirp

Mortgage Rates and Affordability from the Frontlines

October 22, 2008 By Bill Rice Leave a Comment
TheMortgageReports.com

Dan Green, a loan officer and sage of The Mortgage Reports, educates us on why waiting for mortgage rates to drop may hurt you. Private Mortgage Insurance (PMI) is on the rise due to skyrocketing defaults--this is when they pick up the tab on your mortgage. This is, according to Dan more than eating away at any rate advantage you may get by waiting. By the way, foreclosures and mortgage defaults are not dropping. In fact, there is reason to believe there are other market factors like the drying … [Read more...]

Filed Under: Mortgage Notes, Mortgage Rates, PMI Tagged With: loan officer, Mortgage Rates, PMI