Recently I was invited to contribute to an article for U.S. News on How to Avoid PMI on a Mortgage with Less Than 20% Down by Gina Freeman. The article includes various strategies on how to avoid private mortgage insurance. Private mortgage insurance is typically required when someone is putting down less than 20% for a home purchase or if someone has higher than an 80% loan-to-value if they’re refinancing a property and are using a conventional mortgage.
There are many ways private mortgage insurance (pmi) can be paid for, including a lump sum “single premium” as a closing cost or as part of the monthly mortgage payment. There is also “split premium” which is a combo of a single premium and monthly and lender paid. The seller may even be able to contribute towards private mortgage insurance if negotiated in the real estate contract and the loan meets required guidelines.down less than 20% for a home purchase or if someone has higher than an 80% loan-to-value if they’re refinancing a property and are using a conventional mortgage. [Read more…]
The housing market in the Pacific Northwest remains competitive with the continued lack of inventory. Home buyers need to be patient and prepared for the process to possibly take a while. There are some actions that you can implement to help improve your odds of having your offer accepted over other offers. 
Fannie Mae and the Mortgage Bankers Association (MBA) released their monthly updated forecast for mortgage rates through 2025. This June update no longer shows predicted rates for the 30-year fixed conforming to hit the 5% range. MBA, who tends to be the most optimistic, forecasts that in the 4th quarter of 2025, we’ll see 6.0% for a rate with the homes of 5.8% in 2026.
It’s fun to visit open houses on the weekends. You may be picturing yourself living in the home, enjoying the backyard or perhaps 
We have added a new down payment assistance program where eligible home buyers can receive up to 100% financing. This program is not limited to first time home buyers and there are no income limits with an FHA mortgage as the first lien. Would you like more good news? The down payment assistance is in the form of a second mortgage with a 5-year forgivable option OR a 10-year repayable option.
As a mortgage professional, I get to review detailed financials when someone is looking to buy or refinance a home via their loan application. Sometimes people are using every cent they can or are maxing out their monthly cash flow in order to have a home. I often have people who come to me because they need help restructuring their high-interest credit card debts. And I also help people who are well established. Personally, I would like to see more people on a path to financial security.
Recent Comments