No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it 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 here 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.
That’s it for today!
I hope you have a great day!
Brett
If you are thinking about buying a house, but you aren’t really sure if it’s…
Here is a breakdown of the maximum seller help amounts by loan program… Program: Conventional…
Your property tax bill usually comes out in late November, or early December. There are…
If you want to acquire rental properties, but you are having issues proving your income…
If you receive money from the State or a County sponsored organization for providing foster…
FHA gift questions come up often. I wanted to give you the rules on FHA…