What is Private Mortgage Insurance payment?
The payment is an additional amount to be paid every month with the regular payment of principal, interest, taxes and insurance (PITI). The PMI payment is derived from several factors of the loan. • Amortization schedule (term of the loan) • Primary, secondary, or investment residence • FICO Score • Loan balance • Total monthly debt/ gross montly income • Type of loan (rate & term, cash out, interest only) The qualifications could change without notice. Consult Financial Access, LLC to receive an estimated payment and to review the qualifications. The minimum payment could be as low as $50 but could be over $200/month depending on the factors listed above. Cancellation Of PMI You have the right to request cancellation of PMI when you pay down your mortgage that equals 80% of the original purchase price or appraised value of your residential home at the time the loan was obtained, whichever was less. The mortgage payments are mostly applied to interest during the first few years of the
