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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.
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.
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We are proud to announce that we made the Business Courier 2008 Book of Lists as one of the Largest Tri-State Residential Mortgage Lenders
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Franklin Financial Group, Inc. is a strong supporter of the Cystic Fibrosis Foundation. To learn more or to make a donation, please click on the link above.
     
Franklin Financial Group is Licensed and Regulated by the State of Ohio, Department of Commerce, Division of Financial Institutions, Certificate No: MB.802894.000; the State of Florida, Office of Financial Regulation, Audit No: MBB 0701709; the Commonwealth of Kentucky, Office of Financial Institutions, File No: 20297
Franklin Financial Group, Inc. 755 Maidstone Court Cincinnati, Ohio 45230
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