Two elderly women sit outside of their home and talk about the home they recently bought and had appraised for a 30-year mortgage with private mortgage insurance.

    A 90-year-old woman can still qualify for a 30-year mortgage even though it is very unlikely that she will be around to pay off the loan.

    This is because mortgage discrimination laws preclude lenders from using age to deny credit.

    The only criteria lenders can consider are income, assets, credit, down payment (equity), and collateral (the property).


    Many borrowers (and agents) are overly concerned about Private Mortgage Insurance (PMI), which is required in most cases when loan-to-value ratios exceed 80%.

    But for strong borrowers, the market is very competitive nowadays and it is cheaper than ever – as most lenders have at least five PMI companies to use to compare rates.

    For a strong borrower with a $400,000 loan and a 90% loan-to-value ratio, PMI rates are as low as 0.22% per year (if not lower, as I only shopped with a few providers) or about $73 per month.

    And finally, it is not difficult to eliminate PMI, as I explain in this blog.


    JVM’s Mortgage Calculators are simple and easy to use.

    We highly recommend them for borrowers (and agents) who just want payment estimates set out in a clear and easy-to-read format.

    Jay Voorhees
    Founder/Broker | JVM Lending
    (855) 855-4491 | DRE# 1197176, NMLS# 310167

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