Yes, it will help you obtain a larger loan, here’s why. Let's say that you are a family with $42,000 Annual Gross Income and monthly revolving debts of $800 for car payment and credit cards, and you have $10,000 for your down payment and closing costs on a 7%-interest mortgage. Without PMI the maximum price you can afford is $44,600, but with PMI covering the lender's risk you now can buy a $62,300 house. PMI has afforded you 39% more house.
Helping clients break through the barriers that impede homeownership one loan at a time. Give us a call today for help with your home purchase or refinance!
Lighthouse Mortgage Group, LLC
6250 Orchard Lake Road, Suite A
West Bloomfield, Michigan 48322
Phone: (248) 383-0026
Fax: (248) 377-0168
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