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.
Polaris Funding Group, LLC IS A MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER
Company NMLS: 2540
CO: 2540 ● CT: MB-2540 ● FL: MBR2409
GA: 2540 ● SC: 2540
201 S Biscayne Blvd 28th Floor
Miami, FL 33131
Phone: (800) 649-2420