Mortgage Approval For PMI
by Joshua in Illinois
Regarding Mortgage Approval For PMI - Will I Be Approved: Dear Kate, I have been approved for a conventional loan, borrowing 95 percent and putting down 5 percent, pending mortgage approval for PMI (Private Mortgage Insurance).
I am a first time home buyer, have a 732 credit score with $30,000 in the bank and the appraisal is in the works as we speak.
How confident should I be that I will be approved? I greatly appreciate your help! Joshua
Kate Answers: Mortgage Approval for PMI - Will I be approved?
Hi Joshua, Without an answer on your PMI status, you have not been approved yet.
Because you are borrowing 95 percent of the value of your home with only a 5 percent down payment, your lender requires PMI approval first to loan you the money you need to buy your house. That is why without the PMI stamp of approval, your loan approval is still pending.
You have many strong qualifications such as your credit score but there are other deciding factors. So ask your mortgage representative if there is anything you can provide to hasten the decision.
I get quite a few questions from other home buyers and homeowners asking what is private mortgage insurance, why is paying it necessary, how to get rid of it and what are the requirements. At the bottom of this page, you will notice that I have described these pages on my website pertaining to PMI assistance and clarification.
Don't miss out on the straight scoop! Think of it as your Virtual PMI Guide! And as always, write me back if you have more questions. Please also take a moment to bookmark Mortgage Approval For PMI
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