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Disclosures

CrossCountry Mortgage, Inc. is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the Federal government. All loans subject to underwriting approval. Certain restrictions apply. Call for details. *Certificate of Eligibility required.

What is PMI

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.

 

CrossCountry Mortgage, Inc.
99 Rosewood Drive, Suite 225, Danvers, MA  01923
Office:  (978) 548-4467
Jeff@JeffPalermo.com
Copyright © 2017
Crosscountry Mortgage, Inc. NMLS:3029 MB.803095.000
Branch NMLS: 1401242
Branch State Licensing:
Connecticut (Branch MCL-BCH-1401242, Corporate 21057), Florida (Branch MLDB3853, Corporate MLD806), Maine (Branch 1401242, Corporate SLM12094), Massachusetts (Branch ML3029, Corporate ML3029), New Hampshire (Branch 20365-MB-BCH, Corporate 16654-MB ), South Carolina (Branch MLB - 1401242, Corporate MLS-3029)

CrossCountry Mortgage, Inc. is a licensed mortgage lender in the Commonwealth of Massachusetts. Licensed by the New Hampshire Banking Department. This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties located in the state of New York will be accepted through this site.
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To view all corporate licensing, please visit www.crosscountrymortgage.com/disclosures-licenses.
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