Utah Mortgage » private mortgage insurance http://utahmortgagenow.com Sat, 12 Sep 2009 21:03:08 +0000 http://wordpress.org/?v=2.8.6 en hourly 1 Do You Have To Get Private Mortgage Insurance http://utahmortgagenow.com/do-you-have-to-get-private-mortgage-insurance/ http://utahmortgagenow.com/do-you-have-to-get-private-mortgage-insurance/#comments Mon, 06 Oct 2008 14:41:48 +0000 Greg Shuey http://utahmortgagenow.com/?p=28 SHARETHIS.addEntry({ title: "Do You Have To Get Private Mortgage Insurance", url: "http://utahmortgagenow.com/do-you-have-to-get-private-mortgage-insurance/" });]]> For those of you new home buyers reading this, did you know that if you don’t have a downpayment of at least 20% or more that you will have to carry private mortgage insurance (PMI) until your loan is paid down below that 80% mark?

In the past, some people have gotten around this rule by obtaining two mortgages, one for 80% of the home and the other for how ever much they needed, I saw many get 100% financing so the other loan would be 20%.  Today, in with our economy the way it is, it is almost impossible to get 100% financing for any loan that you are considering.

If you are one of the lucky individuals who get to have private mortgage insurance (if you can’t tell, I’m being sarcastic), here is a very slick tool that I like to use to find out how much PMI you are going to pay each month.  To access this tool, click here.  I like this tool because it is very accurate, fast, and easy to use.  Much better than figuring it out by hand.

Hope you enjoy this tool and keep checking back for more mortgage news in the state of Utah and all around the nation.

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