What is Private Mortgage Insurance (PMI)?
PMI stands for Private Mortgage Insurance. This is insurance to protect the lender
when you have a small amount of equity in the property. PMI is typically charged when
you put down less than 20% when buying a property. PMI can be removed when your
loan-to-value ratio is less than 80%. The lender may also require you to pay PMI for
at least 2 years regardless of the loan-to-value ratio. You can remove PMI by pre-paying
principal towards your loan balance or by waiting for your property to appreciate.
INPUT DATA > MORTGAGE
How do I enter a second mortgage in Property Tracker?
To enter a second mortgage in Property Tracker, go to the Mortgage Data input page: 1) Click the Add button on the top of the page. 2) Click the radio button next to Second to indicate that you are entering data for a second mortgage. Then enter the ...
What apps does REAL ESTATE TOOLS provide for income property investors?
PROPERTY TRACKER - PropertyTracker.com is a web-based service that helps you evaluate potential properties before you buy and track the mortgage, income, and expenses for properties that you already own. The first 30-days are free and clients are ...
Local vs Long Distance Real Estate Investing
CW 1131 - Listener Question - Local vs Long Distance Real Estate Investing Jason takes a question from Mike who is a longtime Creating Wealth listener and income property investor in Phoenix regarding Mike's hesitation to invest in real estate ...
Why doesn't the Net Operating Income include the PMI and mortgage payment?
The Net Operating Income is a standard term used by real estate investors. It is meant to show the financial performance of the property itself without considering the costs of financing the property. On the other hand, the CASH FLOW considers the ...
How to document the sale of a property in Property Tracker
In the INPUT DATA > SELL section of Property Tracker the question is asked 'Has this property been sold?' and once you click the YES dialog box additional SALE DATE and SALE PRICE fields become visible which will allow you to enter and save their ...