Most borrowers know well enough the importance of finding well priced mortgage rates, closing costs, homeowner’s insurance and other moving related costs but few know that they have a choice in private mortgage insurance. . . . But you do!!!
We are tracking the pricing and guidelines for multiple private mortgage insurance providers and as they come competitively available to the market, we’ll make their calculators available to you. At this time, we recommend that once you know the structure of your loan, you shop for your mortgage insurance using the following calculators:
- Radian’s PMI Calculator (Jargon to know – BPMI = borrower paid mortgage insurance and LPMI = lender paid mortgage insurance and Single means that you pay a one time fee in exchange for not paying monthly mortgage insurance)
- Radian’s Loan Amount Estimator
- Genworth online mortgage insurance calculator.
- United Guaranty’s PMI calculator
- MGIC’s PMI Calculator
Ask your loan officer about the benefits of the different types of private mortgage insurance such as “borrower paid monthly,” “lender paid,” “split premium” and “single premium” mortgage insurance. To learn more about these types of mortgage insurance right away, click here.
If you are curious about whether or not your mortgage interest, points or mortgage insurance qualify for a tax deduction, please see this IRS publication for guidance – click here.
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