Lisa Mish CRA Loan Officer

10/16/2024

Join us for an unforgettable evening while showing your support for affordable housing! The is happening soon, and we’ve got exciting prizes from incredible vendors, including the Boston Red Sox and Boston Bruins. Enjoy entertainment, raffles, a cocktail reception, and more, all while making a difference for families in need. Bring a friend and discover how fun advocating for affordable housing can be! habitatspringfield.org/building-dreams
Florence Bank LogicFortress Pellegrini, Seeley, Ryan & Blakesley, P.C. Able Tool & Equipment, LLC Reminder Publishing BusinessWest Freedom Credit Union Monson Savings Bank 9th Annual IBEW Local 2324 Memorial Golf Tournament FastenMaster Country Bank GMH Fence Co Inc DOC - Daniel O'Connell's Sons Assoc Building Wreckers Inc Washburn-Garfield, a Division of The Collins Companies Mammoth Security Way Finders Longmeadow MA Open Forum Twin Hills Country Club WWLP-22News Mass Appeal on WWLP

10/07/2024

Come join us on Oct 10 RAPV SCHOLARSHIP FUND RAISING EVENT

06/13/2024

Celebrate with us this June! Discover the transformative power of owning a home and explore how REALTORS® are making homeownership dreams come true for families nationwide. Let's unlock new opportunities and create brighter futures together!

04/03/2024

Just economy CRA conference

03/20/2024

03/20/2024

03/20/2024

What is mortgage insurance? 🤔

→ It’s a type of insurance policy that protects the lender in case the borrower defaults on their mortgage payments.

There are ✌️ main types of mortgage insurance:

01 – Private Mortgage Insurance (PMI) for conventional loans and

02 – Mortgage Insurance Premium (MIP) for Federal Housing Administration (FHA) loans and some other government-backed loans.

📆 When is it required?

→ PMI is typically required when a homebuyer makes a down payment of less than 20% on a conventional mortgage.

🏠 Do you need mortgage insurance?

For conventional loans – if your down payment is less than 20%, your lender may require you to have PMI.

Once your loan-to-value ratio reaches 80%, you may be able to request the removal of PMI.

For FHA loans – MIP is typically required regardless of the down payment amount.

👉 When considering a mortgage, talk with your lender to understand the specific requirements and costs associated with mortgage insurance.

If you need lender recommendations, please reach out and I’ll send you some!