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.
We've been helping customers afford the home of their dreams for 20 years + and we love what we do.
Company NMLS: 359090 / 359382
CA Dre Brokers License 01201910
400 N. MOUNTAIN AVENUE, SUITE 223
UPLAND, CA 91786
Phone: (909) 932-9226
E- Fax: (909) 803-9840
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