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 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 piggyback 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.
If you or someone you know needs help with a purchase loan give our office a call.
Thanks for reading!
Have a good day
Brett
Did you know even if you have “challenged” credit you can still get a low…
If you receive money from the State or a County sponsored organization for providing foster…
I wanted to address the two most common questions that I get regarding reverse mortgages……
If you purchased a home using your own cash, and now would like to pull…
I wanted to let you know we have a 2% to 5% downpayment and closing…
If you want to acquire rental properties, but you are having issues proving your income…
