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 Private Mortgage Insurance helps you get the loan
Private Mortgage Insurance, also known as PMI, is a supplemental insurance policy you may be required to obtain in order to get a mortgage loan. PMI is provided by private (non-government) companies and is usually required when your loan-to-value ratio — the amount of your mortgage loan divided by the value of your home — is greater than 80 percent.
PMI isn't a bad thing — it allows you to make a lower down payment and still qualify for a mortgage loan. In fact without PMI, many of us would not be able to purchase our first home.
How is PMI calculated?
Your PMI premium is fixed based on plan type (loan-to-value ratio, loan type, loan term, etc.) and is not related to your particular credit history or other individual characteristics. PMI typically amounts to about one-half of one percent of your mortgage amount annually, according to the Mortgage Bankers Association, and the premium payment is usually rolled into your monthly mortgage payment. On a $200,000 mortgage, you may be paying $1,000 per year for PMI.
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MMW Holdings, LLC d/b/a Trident Home Loans is a HUD Approved Equal Opportunity FHA Lender, and is licensed by: the Florida Office of Financial Regulations as a correspondent mortgage lender, #CL0800130; the Georgia Department of Banking and Finance as a mortgage lender, #23097; the Louisiana Office of Financial Institutions as a mortgage lender, #LA-C-01326; the Mississippi Dept. of Banking and Consumer Finance as a mortgage company lender, #570/2008; and the Washington Department of Financial Institutions as a mortgage broker, #510-MB-50258.
Trident Home Loans is not responsible for any typographical errors or omissions.
Trident Home Loans 913 Gulf Breeze Pkwy Suite 23 Gulf Breeze, FL 32561
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