What is mortgage insurance aka PMI !?! Explained

If your BIGGEST concern is your monthly payment, I have news for you: sometimes, mortgage insurance has a bigger impact on your monthly payment than your interest rate!!!

Mortgages consist of what’s called PITI -- Principal, Interest, Taxes, and Insurance and if you are one of the 48.8% of buyers putting less than 20% down, your payment will also include mortgage insurance.

Often home buyers get hung up on pursuing the lowest interest rate when many times mortgage insurance has a greater impact on their overall monthly payment!

Your unique financial situation will affect which type of mortgage product is best for you but make sure that the lender you are approved with presents you with options that include different mortgage insurance plans.

Scenarios like,

Buying out or down your mortgage insurance

Increasing your downpayment to lower your mortgage insurance

Comparing government and conventional loan products

Curious about what you need to know about mortgage insurance? Watch this video and read my most recent blog post!

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Lizy Hoeffer NMLS ID # 260183. AZ LO-0913409 The Lizy Hoeffer Team AZ BK#0939614.

[Dcsecret]

Hands down the best PMI explanation video I have seen. I have watched 30+ and this was the most valuable!

[JessLynnC]

Thanks for the video. The reason they don't go through it all is because they require you to have 6 min on average call time. I recently landed a job for a loan company that handles all this. Still in training. So your videos have provided more info, thank you.

[TheDominion]

Just came across this as I was working on some payment scenarios. This gives some good insight on payment expectations.

[MrALBOROTOSO]

Great information! Just a tip: have the background music a little lower. Other than that, awesome content.

[liii]

My question is how does a VA loan affect the mortgage insurance?
And just overall more info on VA loans

[JZ-lyeb]

How come my loan officer did not explain this to me? I gave 15% on a conventional for a $270k and my PMI is $187. Thanks for the info. I’m already closing on the house.

[mariafitts]

The house I’m buying costs 510k, my credit score is 750, how much will PMI cost me monthly or how much will it cost to buy it out. ?

[daniel_order]

Hi Lizy, My name is Daniel I live in Tucson Az and I'm buying my first home using an FHA loan. My total purchase price is 121, 500 with the typical 3.5% down. My current projected mortgage insurance is around $85 a month. I am still in the early process of purchasing my home. Anyways, what options do I have with PMI?? Am I just stuck with the $85? Can my lender shop for lower PMI premiums? Thank you for your help. I am really happy I found your channel.

[honduone]

New sub, thanks for the info. Any thoughts on naca?

[DaveHalpernShortSale]

The music was too distracting. No need for it at all

[Leo-hkud]

I don’t know if I want to educate you. Cause seriously your information is incorrect. No MI is be oficia for any client. MIP is there to protect the lenders not the consumer. Smh stupid you tubers giving false info.