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Private Mortgage Insurance Myths
Manage episode 420012638 series 3363678
Private Mortgage Insurance Myths
Reputation can be a challenging thing. I have found, through many conversations with clients over the years, that Private Mortgage Insurance (PMI) has a questionable reputation with home buyers in general and investors in particular.
However, much of its reputation is based on half-truths, bad information, lies, and myths.
In this special class, James will discuss some of the more common myths about PMI and the truth about what PMI is, and why its reputation is misguided and/or misunderstood.
In this class, James discusses:
- What is Private Mortgage Insurance (PMI) and why does it exist?
- The following myths:
- PMI is always required for down payments less than 20%.
- PMI is permanent and can never be removed.
- PMI is the same as homeowner's insurance.
- PMI protects the homeowner, not the lender.
- PMI is tax-deductible.
- PMI protects the borrower in case of job loss or disability.
- PMI is the same for all borrowers and loans.
- PMI premiums are fixed for the life of the loan.
- PMI is always monthly, always paid as a lump sum at closing, and/or always paid by the lender in exchange for a higher interest rate.
- PMI rates are set by the government.
- PMI is required for all types of loans.
- PMI is only required for first-time homebuyers.
- PMI is only required for single-family homes.
- PMI is only required by big banks.
- PMI is always cheaper than a second mortgage.
- PMI pays off my house if I die with a mortgage.
- PMI increases the monthly mortgage payment.
- PMI is a waste of money.
- Refinancing is the only way to get rid of PMI.
- Lenders benefit from PMI.
- PMI covers the full mortgage amount.
- You should always pay PMI Monthly. You should always pay PMI in a single up-front, lump-sum payment. You should always take a higher interest rate and have the lender pay PMI.
- Plus much more...
Free Real Estate Deal Analysis Spreadsheet: Download a copy of the newest version of The World's Greatest Real Estate Deal Analysis Spreadsheet™ by going to:
https://RealEstateFinancialPlanner.com/spreadsheet
Improve Cash Flow: Book a consultation to improve cash flow using our proprietary 88 cash flow improving strategies.
Real Estate Agent & Lender Collaborators: Interested in collaborating with us on the McAllen real estate investor podcast? Book a free consultation to discuss.
142 episodi
Private Mortgage Insurance Myths
McAllen Real Estate Investing & Real Estate Financial Planning™ Podcast
Manage episode 420012638 series 3363678
Private Mortgage Insurance Myths
Reputation can be a challenging thing. I have found, through many conversations with clients over the years, that Private Mortgage Insurance (PMI) has a questionable reputation with home buyers in general and investors in particular.
However, much of its reputation is based on half-truths, bad information, lies, and myths.
In this special class, James will discuss some of the more common myths about PMI and the truth about what PMI is, and why its reputation is misguided and/or misunderstood.
In this class, James discusses:
- What is Private Mortgage Insurance (PMI) and why does it exist?
- The following myths:
- PMI is always required for down payments less than 20%.
- PMI is permanent and can never be removed.
- PMI is the same as homeowner's insurance.
- PMI protects the homeowner, not the lender.
- PMI is tax-deductible.
- PMI protects the borrower in case of job loss or disability.
- PMI is the same for all borrowers and loans.
- PMI premiums are fixed for the life of the loan.
- PMI is always monthly, always paid as a lump sum at closing, and/or always paid by the lender in exchange for a higher interest rate.
- PMI rates are set by the government.
- PMI is required for all types of loans.
- PMI is only required for first-time homebuyers.
- PMI is only required for single-family homes.
- PMI is only required by big banks.
- PMI is always cheaper than a second mortgage.
- PMI pays off my house if I die with a mortgage.
- PMI increases the monthly mortgage payment.
- PMI is a waste of money.
- Refinancing is the only way to get rid of PMI.
- Lenders benefit from PMI.
- PMI covers the full mortgage amount.
- You should always pay PMI Monthly. You should always pay PMI in a single up-front, lump-sum payment. You should always take a higher interest rate and have the lender pay PMI.
- Plus much more...
Free Real Estate Deal Analysis Spreadsheet: Download a copy of the newest version of The World's Greatest Real Estate Deal Analysis Spreadsheet™ by going to:
https://RealEstateFinancialPlanner.com/spreadsheet
Improve Cash Flow: Book a consultation to improve cash flow using our proprietary 88 cash flow improving strategies.
Real Estate Agent & Lender Collaborators: Interested in collaborating with us on the McAllen real estate investor podcast? Book a free consultation to discuss.
142 episodi
Tutti gli episodi
×1 Secrets of Flipping Properties 1:02:07
1 Secrets of Bookkeeping 57:04
1 Secrets of Return on Investment 55:37
1 Secrets to House Hacking 1:16:42
1 Secrets to Financing 1:21:06
1 Secrets to Down Payments 1:42:50
1 Secrets to Selecting an Investor-Friendly Real Estate Agent 1:22:18
1 Secrets of Retirement Catch-Up 54:44
1 Secrets of Nomad™ Real Estate Investing 1:18:10
1 Secrets of Asset Protection 1:24:24
1 Secrets of Hiring and Managing a Property Manager 1:57:26
1 Secrets of Buy and Hold Real Estate Investing 1:07:26
1 Secrets of Property Management 59:32
1 Secrets of Tenant Screening 1:24:07
1 Secrets to Marketing to Find Tenants 1:02:24
1 Secret Market Stats 1:25:44
1 Secrets of the 7 Ways to Invest in Real Estate 1:21:07
1 How to Analyze an All-Cash Rental Property Purchase 1:13:25
1 Functional Obsolescence Unveiled: The Silent Value Killer in Real Estate Investments—and How to Defeat It! 31:05
1 How to Analyze an All-Cash Rental Property Purchase 1:08:50
1 Private Mortgage Insurance Myths 27:24
1 How to Analyze a Duplex 21:04
1 How to Calculate PMI 13:29
1 Is it Better to Buy Rentals with 20% Down or For All Cash After Buying an Owner-Occupant First? 31:13
1 The 3 Strategies to Pay PMI 29:59
1 What Affects Your PMI Rate 16:35
1 Is It Better to Rent or Buy an Owner-Occupant Property for 5% Down When Otherwise Buying 25% Down Rentals? 31:26
1 Deal Alchemy™ - Lease-Options 27:17
1 What is PMI And How to Avoid It 21:39
1 Is It Better to Put 25% Down and Buy 9 Rental Properties After Buying an Owner-Occupant or Nomad™ with 5% Down? 33:20
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