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Are there any no PMI lenders on 15% down jumbo?

by gameless1528 from Riverside, California. 24 days ago Reply


Richard Kelly (Richard Kelly)
#111 ranked lender in California - 10 contributions

There are lenders that offer Lender Paid Mortgage Insurance. There is no separate MI payment. Instead the interest rate is higher and the lender pays the mortgage insurance. The interest rate is higher than if you paid the MI yourself, but usually the monthly payment is lower overall. And there may be tax issues you should look into with an accountant that may make one option better than the other. A disadvantage of LPMI is that you can only get rid of it by refinancing and if rates have risen in the meantime...

24 days ago
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 8,092 contributions

More info needed, but specifically, none of our jumbo loan products require PMI.. We also have a program which will allow you to purchase an even more expensive home than you could traditionally qualify for.. I'd be happy to explain. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

23 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,599 contributions

The quick answer is yes, plenty of options with no PMI. But at 15% down, you are high risk. Period, no question about it. So Mortgage insurance is a reality. I can pretend all day that lenders offer loans with no PMI at 15% down, but the reality is that if you don't see separate PMI in your monthly payment, you are almost always paying for it with a higher interest rate, where they build the cost of PMI into the rate. So yes, you don't see PMI on your statement, but you ARE paying for your risk. Also, be sure to have your Loan Officer run realistic comparisons. Many times you are way better off to pay PMI for a short period - as remember, it can go away, versus paying the higher rate forever.

23 days ago
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