7 Reasons You Might Pay PMI Premiums Forever: Ventura Homes for Sale

by Gary and Lisa Schoeffler on September 14, 2011

in Latest News

Most lenders require you to pay private mortgage insurance (PMI) premiums for as long as you owe 80% or more of your home\’s value. This insurance protects your lender in case you default on your mortgage, although you\’re the one paying the premiums. While most homeowners can quit making these payments once they pay down their mortgage, if one of the following scenarios applies to you, those premiums might keep racking up for years to come.

1) You have an FHA or VA Loan

Home loans through the Federal Housing Administration or Department of Veterans Affairs generally require homeowners to maintain private mortgage insurance for the entire duration of the loan.

2) You’ve Paid Late

The more you know about mortgages and loans the better off you will be when you are buying a home. Whether you are buying Real Estate in Ventura, or somewhere else, educate yourself and work with someone you trust. Check references!

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Post by Gary and Lisa Schoeffler

Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472

Gary and Lisa has written 371 articles.

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