Good Morning!
If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender.
No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it’s doesn’t help pay down the balance of the loan.
If you want a conventional loan and your LTV is over 80%, but don’t want to pay monthly mortgage insurance there are two ways to avoid this…
1) One would be Lender Paid Mortgage Insurance. We pay the MI for you. The rate generally is .25 to .375 higher, but there is no monthly mortgage insurance.
2) Get a piggy pack loan. This is where we make two loans for you. …A first mortgage at 80%, and a second mortgage at 15%. This way you just put down 5%, and there is no monthly mortgage insurance payment.
Recent posts of interest: Did you see this program we currently have to give you a down payment on a home?
…Click here and read this page to check it out…
http://loansdonequickly.com/purchase-a-home/money-for-down-payment/
Thanks for reading! …and, have a great day!
Brett
USDA is a 100% government insured loan. Low rates, and no down payment. However, there…
The bad news is that according to Redfin, 38% of U.S. renters don’t believe they’ll…
In Texas we have some unusual rules when it comes to getting cash out of…
If you pay your property taxes apart from your mortgage payment, and you didn’t get…
If you purchased a home using your own cash, and now would like to pull…
Did you realize that when buying a house from an immediate family member – the…