PMI

Statistics show that most home buyers in the state of Washington use some form of mortgage insurance, either through the FHA or private insurance companies. Which brings up a very important question. How long are homeowners required to pay for mortgage insurance in Washington? And does it ever go away?'

Home buyers in Washington often view private mortgage insurance (PMI) in a negative light. They see it as something to be avoided at all costs. And that's understandable. After all, PMI does increase the size of your monthly payments. It's only natural to shy away from something that causes you to spend more money on your housing costs. But private mortgage insurance also provides some major advantages for home buyers across the state of Washington. We've touched on some of these benefits in previous articles and reports. Today, we will take a closer look at how Washington home buyers can actually benefit from having PMI.'

There are a lot of steps that people need to take when buying a home. One of the most common issues that people discuss is the down payment. Most banks will require a down payment so that they aren’t the only ones taking on the risk of buying a home. The common question people have is how much of a down payment they should apply.'

When you are buying a home, you may run into a number of hurdles to complete the purchase. One of the items that you may be asked to purchase is called private mortgage insurance, often shortened to PMI. This is a unique insurance policy that your lender, such as the credit union or bank, may ask you to buy in order to protect themselves. In this insurance policy, the bank protects themselves against losing money if you end up defaulting on your loan.'

It can be tough to come up with a large down payment to buy a home in Seattle. But private mortgage insurance can ease that burden, and this article will explain how. '

It can be tough to gather up enough funds to come up with a down payment for a home. But with a special type of insurance, you may find it easier to qualify for a mortgage.'