The different types of mortgage insurance available for Louisville Kentucky Fannie Mae Conventional Mortgage Loans
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The different types of mortgage insurance available for Louisville Kentucky Mortgage Loans
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Annual Plan –
The first year premium is collected at closing, and then monthly payments are
held in escrow for the following year.
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Monthly Plan –
Two months of MI is paid at closing, then collected monthly as part of the
mortgage payment.
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Zero Up–Front
Plan – Use that money for the down payment instead, as MI is
paid monthly with the first mortgage payment, not at closing.
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Single/Financed
Premium – Entire MI premium is paid at closing, and can be paid
with down payment assistance or financed into the loan.
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Split Premium –
A combination of single premium and the monthly plan; the seller can help
with the up–front premium or it can be financed in, resulting in lower
monthly premiums.
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Single Premium
Lender Paid Mortgage Insurance (LPMI)4–
"Life of Loan" mortgage insurance that is paid after closing by the
lender; no annual or monthly premiums or renewals.
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| Jan. 20, 2015 United Guaranty vs. FHA—There’s Still a Clear Choice. There's been a lot of chatter recently surrounding FHA's rate cut announcement. United Guaranty is very supportive of FHA's role in extending credit to underserved markets. However, as some of the initial excitement about the announcement dies down, we wanted to take a moment to let you know that United Guaranty is here to help ensure you get the right kind of mortgage insurance for your borrowers. First, even with the recent rate cut, United Guaranty's mortgage insurance premiums for most products and borrowers remain more attractive than FHA's. And with our Performance Premium® risk-based pricing, you can be sure you're getting the appropriate rate for each loan's individual risk profile. Additionally, with United Guaranty, you don't need to worry about locking your borrower into MIP for the life of the loan. Borrower-paid mortgage insurance from United Guaranty is required to be cancelled automatically when the loan's LTV reaches 78 percent—something borrowers have told us is very important to them. |
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The different types of mortgage insurance available for Louisville Kentucky Fannie Mae Conventional Mortgage Loans
