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Financing in Brick : Real Estate Advice

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  • Home Buying44
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Activity 3
Fri Jul 27, 2012
It is a refi since you've always been on deed and this is a marital residence. Call me to discuss further. 201-604-3485

Albert "Al" Rapoport
NMLS ID #60865
Cell: 908-244-8107
Efax: 973-774-7026
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Mon Aug 20, 2012
Alex Kushnir answered:
If you are asking about PMI (private mortgage insurance), than PMI is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage loan. It is insurance to offset losses in the case where a mortgagor is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property. Typical rates are $55/mo. per $100,000 financed, or as high as $1,500/yr. for a typical $200,000 loan. The PMI may be payable up front, or it may be capitalized onto the loan in the case of single premium product.

This type of insurance is usually only required if the downpayment is less than 20% of the sales price or appraised value (in other words, if the loan-to-value ratio (LTV) is 80% or more). Once the principal is reduced to 80% of value, the PMI is often no longer required.
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Fri Mar 16, 2012
William Mcconaghy answered:
That is absolutely fine. The underwriter may ask to see the divorce decree and your ex will have to sign over the deed either prior to or at closing. If you are looking for financing please feel free to give me a call or apply on my website

William McConaghy
Senior Mortgage Consultant
Lincoln Mortgage Company
office: (856) 810-1200 ext. 223
cell: (609) 207-9098
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