Could Obtaining Private Mortgage Insurance (PMI) Help Me Qualify for a Larger Loan?
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.
About Us
As a Lender, United Lending has been helping customers afford the home of their dreams for many years.
Getting a home loan with United Lending is easier than you think. With over a decade of mortgage experience, we make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
"Finding The Right Mortgage Option For You Is Our Business".