What is PMI? - United Lending Loan Services, INC.

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.

*****DUE TO RECENT FRAUD NOTICES, WE AT UNITED LENDING LOAN SERVICES, INC, WOULD LIKE TO INFORM OUR CUSTOMER THAT WE DO NOT PROVIDE ANYONE WITH "PERSONAL LOANS" OF ANY SORT. WE HAVE BEEN GETTING CALLS FROM PEOPLE IN VARIOUS EASTERN STATES CLAIMING THAT WE HAVE APPROVED THEM FOR A $1,500 LOAN AND THAT THE MONEY WILL BE DEPOSITED INTO THEIR BANK ACCOUNTS. PLEASE...UNDERSTAND THAT THE COMPANY CALLING YOU IS NOT US. WE ONLY DO CALIFORNIA MORTAGES AND ARE LICENSED TO CONDUCT BUSINESS IN CALIFORNIA ONLY. WE CAN NOT STRESS THIS ENOUGH. DO NOT GIVE YOUR INFORMATION TO PEOPLE THAT PROMISE TO DEPOSIT MONEY INTO YOUR ACCOUNTS OR THAT YOU HAVE BEEN "PRE-APPROVED". BEST OF LUCK TO ALL OUR FELLOW HOME OWNERS AND REMEMBER, UNITED LENDING LOAN SERVICES, INC IS HERE TO ASSIST YOU IN YOUR HOME FINANCING NEEDS....THANK YOU.*****