We offer many different kinds of mortgage products to help you qualify for the best possible loan. Our experienced staff is ready to help you choose the right product for you. We are happy to have you call us or visit a local branch to meet with one of our qualified loan representatives to help you determine which loan type is best for your needs.
Available loan types include:
What is Private Mortgage Insurance?
Private Mortgage Insurance (PMI) Helps You Get the Loan
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 allows you to make a lower down payment and still qualify for a mortgage loan.
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. For example, on a $200,000.00 mortgage, you may be paying $1,000.00 per year for PMI.