PMI Vs. Second Mortgage
November 13th, 2007 by Joy Rice | no responses
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Flower Mound Real Estate and Mortgage Company News | PMI Vs. Second Mortgage
Typically when a borrower has less than a 20% down payment for a home the bank will make the borrower purchase PMI to insure against any loss in the even of default. Most borrowers have opted instead for purchasing a second mortgage to cover the difference in the cash and having to come up with 20% down. In the past interest on second mortgages were tax deductable and PMI was not. Most borrowers liked this because at least they believed their money was going towards equity and not an insurance policy for the bank.
No days PMI has gained in popularity because of its new tax deductibility, however most borrowers still opt for the usually cheaper 2nd mortgage.
With the recent increase in foreclosures PMI companies have really dodged the bullet. It is really awesome to think about the liability that would be on these PMI companies.
For more information on this subject see “PMI Insurers May Owe Thanks To Piggy-Back Mortgages.”
Ray Rice
Broker / Owner
Rice Capital Mortgage
Serving the Dallas, Flower Mound, Grapevine, Southlake and Keller Communities.
click here to search on Google Flower Mound Mortgage Company
Share This Post - instructions included The Author: Joy Rice
About: I am a native Texan and am married to my college sweetheart and business partner, Ray Rice. Ray is the broker/owner of Rice Capital Mortgage. Our work together over the years has evolved into a full-service real estate team. I drive the real estate side, and Ray operates the lending and finance side. Through our partnership, we have achieved a great deal of success even throughout the sluggish market. Joy Rice Realty Group consists of several team members working together to get the job accomplished, and our clients have the benefit of a team for the price of only one agent. Their needs are always our primary focus. The team includes a Listing Coordinator, Contract Administrator, one Key Assistant, Marketing Coordinator, and an Accredited Staging Professional.
Through the development and integration of team members, I now have the ability to focus all of my attention on the home buying and selling needs of my clients while Ray focuses on finding the right financing. Joy Rice Realty Group provides seamless service to our clients at all times. We offer the power of a team for the price of only one. We pride ourselves on the fact that many of our clients also become our friends..
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