The Pierce Page

What is Private Mortgage Insurance? PMI

By Ellen Atwood

What is PMI?

PMI is for home buyers who wouldn’t typically be able to afford a large 20% down payment.

Private Mortgage Insurance (PMI) is insurance that protects your lender against non-payment if you default on your loan. Private mortgage insurance is to protect your lender, not you. As the buyer of this coverage, you’re paying the premiums so that your lender is protected.  PMI is often required by lenders due to the higher level of default risk that’s associated with low down payment loans.

The average costs of mortgage insurance premiums vary, but they usually are between .5% and 1% of the loan amount, depending on the size of the down payment. For example on a $200,000 loan with a $10,000 down payment, you can expect to pay somewhere around $85 a month. This amount is added to your monthly payment in addition to property taxes and home owners insurance. Continue Reading…

House for Sale: 2 Bedroom Condominium in Ruston, WA

5321 N Pearl #307 Tacoma, WA 98407

By Marguerite Giguere

This Large 2 Bedroom Condo in the community of Ruston, Washington!

This home is beautiful and like new. Great finish materials including bamboo hardwood floors, slab granite countertops, stainless steel appliances, and tile throughout.

All appliances including front loading washer & dryer included. Pt Defiance Park is across the street and it’s a short walk to the ferry, Anthony’s and all the wonderful shops and cafes in Downtown Ruston.  More pictures and info can be found here.

Franklin Pierce School District Offers FREE Screening

By Vanessa Parker

Franklin Pierce Schools offer FREE child development screening for kids 3-5 years old who live within the district boundaries. Screenings occur in August and throughout the school year on a monthly basis. A team of specialists including a school psychologist, a speech-language pathologist, an occupational therapist and an educational specialist screen young children in the following areas: motor coordination, behavior, speech and language skills, and hearing. The next screening is April 10^th, 2009.