Private Mortgage Insurance-PMI- Why Do I Need It?

Private mortgage insurance or PMI as it is called is insurance that protects the lender not you the borrower. It is required on all Fannie Mae loans where the loan to value is over 80%. Loan to value ratio or LTV is calculated by taking the amount of the loan dividing it by the market value of the home. If a home is worth $100,000 and you had a mortgage of $90,000 the LTV would be 90% which means you would need PMI. If you default on the mortgage the lender is paid the difference between 80% and your loan to value. On the example above the lender would be paid on 10% by the private mortgage insurance company. This would amount to $10,000.

The monthly fee for PMI varies depending upon how large your mortgage is. The larger the mortgage the higher the premium. The mortgage insurance premium is larger the higher up you go on the loan to value. It will be higher at 95% than at 90% because the risk is greater for the mortgage insurance company. The monthly fee for private mortgage insurance can be anywhere from $20 per month to over $300.

If you are purchasing a new home the lender will go by either the appraised value or the purchase price, whichever is lower. This means that if you pick up a bargain at say $200,00 and the property appraises at $250,000 the lender will use the lower figure which is $200,000 to calculate if PMI is needed. This concept has always been a hard one for borrowers to understand.

Fannie Mae has just advised that the private mortgage insurance companies will not insure a mortgage where the borrowers middle score if less than 575 even if you already have a Fannie Mae approval.

Just another example of how you better keep your credit score in tip top condition in these days and times. If the mortgage meltdown continues they will surely raise that minimum score requirement. If you need credit repair get it done now. How do you know if you need credit repair? If your score is less than a 650 score you should get credit repair because your interest rate is going to be higher on every type of credit.

Sandra Sheely is President of First Financial Mortgage, Inc. in Sunrise, FL. She has been in the Real Estate Industry for 12 years with experience in the mortgage industry and title industry. She has a couple of Mortgage websites. http://www.ffinancialmortgage.com and http://www.lowestraterefi.com

She writes a mortgage blog her mortgage websites. She has a credit repair website at http://firstfinancial.fixcreditbiz.com/

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Car Insurance Tips For International Students

When you are an international student studying in the US, it can be a bit confusing with the new culture and possibly even a new language. Often the simplest things can be difficult to get the hang of. Things like car insurance can be a whole new challenge when you are not familiar with the process or the rules.

If you`ll be driving in the country you plan to study in, you will want to have car insurance. Most students are on a budget anyway and having to deal with the cost of an accident, no matter how minor is usually a big dent in the budget, particularly if you were at fault.

- Look for a car insurance provider that doesn't penalize international students. Many companies will insist on a minimum of 3 years US driving experience in order to qualify for lower rates and higher coverage. Since the majority of international students have little or no experience driving in the States, they will end up paying more for less coverage. A very few insurance companies will count foreign driving experience and offer lower rates and deductibles.

- While liability is the minimum requirement by law, it`s a good idea to find out how much more you`ll pay for collision insurance, as well as comprehensive. Liability covers your passengers or property that you damage in an accident, collision will cover repairs to your vehicle if you crash, even if the accident was your fault. Comprehensive insurance is meant to help you recover your financial losses if the vehicle is stolen or destroyed by means other than a car accident.

- Keep the age of your vehicle in mind. Older cars usually aren`t worth insuring for anything more than liability, since you would be better off replacing the vehicle than repairing it in most cases. Newer cars will need to be insured for more since it`s usually far cheaper to repair them than buy a new vehicle. The general rule of thumb is that a car older than 1989 should carry liability only.

- Look for fixed rates. Some car insurance companies will let you sign up for 6 months or 12 months, where your rates will not go up, even if you have an accident during that time. Obviously, the longer the term, the better.

- Make sure you have an up-to-date international driver`s license. This will allow you to drive both in your home country and in the US. Most international students have no need for an American driver`s license, so an international one should be fine. Just be sure that it is good for at least six months after your stay ends so you`ll be able to get the best car insurance possible.

- Bring all paperwork that could be necessary with you when you apply for car insurance. You`ll need proof that you haven`t had an accident in the previous 18-36 months for the best rates. All driving related paperwork will help you out when applying for car insurance and can drastically cut the waiting time, as well, since you won`t be trying to get your papers from your home country.

Car insurance for international students might be a bit tricky, but it mainly comes down to doing some research to find which companies will give you a break, even if you haven`t been driving in the States for the past three years. The prices and amount of coverage should be fair and not hiked up just because you are only temporarily in the country.

Complete home and auto insurance in Quebec. Get a free, no obligation car insurance quote in Quebec online. Insurance products include standard coverages with options and deductibles that can be adapted to suit your needs.

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7 Best Ways to Productive Blogging

Blogging has turned out to be one of the most popular activities on the Internet. Blogging cannot only be a way to share your views with the like-minded people but also an excellent source of income if you carry out blogging productively. Here are 7 best ways to productive blogging.

1. The first way to productive blogging is to write a blog on a topic that appeals you. Until the subject interests you, you will not be able to get the best out of you.

2. The second way to productive blogging is to write a blog on the topic that is hot in the current arena. This will attract more and more visitors to your blog.

3. The third way to productive blogging is to make your blogs search engine optimized. Make your blog rich in keywords. This will increase traffic to your blog and make your blog profitable for you.

4. The fourth way to make your blog productive is to update your blogs regularly. The search engine spiders list the blogs that are updated regularly.

5. The fifth way is to put links to your web site on your blog. This will help you to use your blog as a source of increasing traffic to your web site too.

6. The sixth way to make your blogs productive is by using the feedbacks and comments on your blog as a source to improve your writings. This will help in increasing the popularity of your blog

7. The seventh way to make your blog profitable for you is by using your blog as a source of list building.

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