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 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.
Infact, mortgage insurance is tax deductible, at least for loans originated in the year 2007. Check with your tax preparer to see if your mortgage insurance can be deducted.
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North Star Mortgage, Inc.
148 N. Main St.
Brigham City, UT 84302
Phone: (801) 779-9200
Toll Free: 888-528-9090
Fax: (801) 779-9300
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