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.
WIRE FRAUD IS ON THE RISE. PROTECT YOUR FUNDS. For cybersecurity purposes, all bank checks and wire transfers must be confirmed over the phone with the attorney or paralegal working on your transaction prior to obtaining funds or initiating a wire transfer. Hackers are targeting email accounts of lenders, mortgage brokers and attorneys in attempts to initiate fraudulent wire transfers. Do not wire funds without verbal confirmation. CT Liberty Mortgage, LLC will NEVER request borrowers wire funds in connection with their transaction.
CT Liberty Mortgage 1027 Farmington Avenue, Suite 100 Farmington, CT 06032 860.606.0099 Phone | 860.606.0204 Fax firstname.lastname@example.org