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Fran Rokicki, Terrific Realtor Blog

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By Fran Rokicki | Broker in Manchester, CT

PMI Charges, Going Up! Beat the Date & Save Money!

If you have been thinking of purchasing a home, please don't wait for spring or the warmer weather.  Starting on April 18th, the pmi (private mortgage insurance premium) for loans on homes, will be going up.  The Federal Housing Administration is raising the fee for pmi, one quarter of one point on all fifteen and thirty year mortgages.

Depending on the mortgage amount, and term of the loan, this can be a difference of several dollars, added to the payment. For instance, on a $160,000 mortgage, this rises to $53.00 a month more of the pmi amount to be paid.

So, get out there and find a new home.  If you are here in Connecticut, give me a call. If you would like me to refer you to somone that I know, in another state, to assist you in your search, let me know.  I have access to a referral directory of the finest agents in the country.  We will find you that home before April 18, 2011.  This new regulation will have an impact on our market.  The Sellers need to be aware of it, also.  It will affect the sale of their home.

Comments

By Allan Erps,  Sun Feb 27 2011, 05:44
Need to get one or two in before the deadline!
By Fran Rokicki,  Sun Feb 27 2011, 06:52
Allan, I wish that I could stand on top of buildings and shout out this information to buyers and sellers! It can make a huge difference in their budgeting. The Sellers, too! To qualify for the loan to purchase a home, the buyers will need to pay less for the home!
By Jerry Cibulski,  Sun Feb 27 2011, 09:03
This is a nice post. The amount of claims on PMI has increased and the rates will have to go up to cover the additional costs. This is a great time to lock in to a mortgage if you are ready.
By Fran Rokicki,  Fri Mar 4 2011, 04:07
Thanks Jerry! Knowledge is power!
By Vbrick,  Thu Mar 29 2012, 14:16
at what point of signing or purchasing the house are you locked into the old rate?

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