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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/

Occasionally, you need to make money fast. They are many ways you can make money fast, although it may not happen at the speed you would expect. For some people it may happen fast, for others, it may take a while.

One of the ways you could make money fast is to market whatever skills you have, if you do not have money for advertisement, you could start with word of mouth. Another way is to use the internet. The internet has opened up much wide variety of opportunities to make money fast.

You could start marketing your skills using free internet marketing methods like creating a free blog at blogger.com or wordpress, and start writing about your skills, you may also use free forums, make posts in forums, others are social networking, or simply putting up your profiles in many places, you could even write articles and submit to article directories.

Another way is to join good affiliate programs, promote the products and when you make a sale you make money, sometimes you are paid as much as 80% commission. There are quite a number of affiliate marketers making thousands of dollars weekly,

You could make money fast taking surveys, most companies pay between $2 to $25 for every survey completed. You may also sell on auction sites like ebay and others, you could work as a virtual assistant, you could even write articles and sell, many website owners need articles to publish on their website, you could sell your articles between $6 to $25 per article, and you could write as many articles as possible per day and make money fast.

You should be very careful when searching for opportunities on the internet so that you do not fall for a scam. There are many scams floating around the internet so be sure to check out every opportunity carefully.

Having said that, you should also bear in mind that the internet is a very viable way to make money fast. You may have heard of stories of people making millions from the internet. It does not happen overnight but it does happen. Another way you could make money fast is pure honest hard labor, you could get a job like factory work and make money fast, you could register with employment agency and take up any available job to make money fast and sort out your bills, remember that this is also a stress reliever for some people.

Many people start their internet business on a part time basis while still keeping their job until they are making enough money to leave their job.

A large number of people who could never have thought of starting their own business in the past have been able to start a business easily and make money fast because of the advent of the internet. There are tons of information freely available today on the internet. You could leverage on this and make money fast.

In perspective, you could make money fast depending on the route you choose to follow, be it marketing your skills, taking surveys, writing and selling articles, publishing your articles on article directories, selling on auction sites like ebay, joining affiliate programs or pure hard labor; the decision is yours, you just have to take action and make it happen. The earlier you start the better for you.

Christina Benson has written many articles about affiliate programs and is considered an expert in this field. To find the best home based business ideas and opportunities so you can work at home visit: http://www.GlobalProfitsCentre.com. To find opportunities and free resources so you can earn solid income from home visit: making money online.