Private Mortgage Insurance (PMI)

Private Mortgage Insurance (PMI)

If you are unable to pay 20% down for your mortgage you are likely to pay PMI. The purpose of PMI is to provide insurance coverage for the lender in the event of default on the loan. The amount to be paid on an annual basis can range from .05 to .92 of the loan amount. PMI has an impact on the monthly mortgage amount you will pay.

PMI remains a part of the monthly house payment until the equity in the home is at least 78% of the value of the original purchase price. Generally, PMI must also remain a part of the monthly payment for a minimum of 3 years after the date you purchase your home.

We are required by law to list the following licensing information. Flagship Financial Group, LLC is licensed as: Alaska Mortgagee Licensee #100278; Arizona Banker 0908193; Department of Corporations under the California Residential Mortgage Lending act Lender 4130854; Florida Correspondent Lender CL 0703188; Georgia Mortgage Broker Licensee 17297 – 3130 W Maple Loop Dr, #200, Lehi, UT 84043 (GA); Illinois Residential Mortgage Licensee MB6760204; Registered under the Kansas Mortgage Business Act License Number of 2002-4309, Maine Mortgage Lender License# SLM9424; Maryland Mortgage Lender 16461, Mississippi Supervised Mortgage Company 308/2006; Nevada Mortgage Broker 1385 – 1349 Galleria Dr., #110, Henderson, NV 89014; New Hampshire Banking Department Mortgage Broker 13439-MBR; North Dakota Money Broker MB101563; Licensed by the Pennsylvania Department of Banking (PA); Utah Mortgage Loan Company 5493106; Licensed by the Virginia State Corporation Commission, License MC-2980. In certain states in which we do conduct business, certain restrictions and limitation apply. Rates and terms subject to change. If you have any questions or comments regarding this offer please email to lharris@ffgcorporate.com.

Flagship Financial Group LLC 1349 Galleria Drive Suite 110 Las Vegas, NV 89014-8623

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