PMI fees can be paid in many ways depending on the company used:
Borrowers can choose to pay the 1-years premium at closing, and then an annual renewal premium is collected monthly as part of the house payment.
Borrowers can choose to pay no premium at closing, but add on a slightly higher premium monthly to the principal, interest, tax, and insurance payment.
Borrowers who want to sidestep paying PMI at closing but don't want to increase their monthly house payment can finance a lump-sum PMI premium into their loan. Should the PMI be canceled before the loan term expires through refinancing, paying off the loan, or removal by the loan provider, the borrower may obtain the rebate of the premium.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 210550, WWW.NMLSCONSUMERACCESS .ORG License No. MC-3714 Licensed by the Virginia State Corporation Commission --------- Lic. 14102 State of Maryland Department of Labor, Licensing and Regulation www.nmlsconsumeraccess.org
7619 Little River Turnpike
Annandale, Virginia 22003
Phone: 703-992-8750 Yama@washingtonmg.com