Sunday, November 27, 2011 - Article by: Joe Metzler, MLO. NMLS #274132 - Cambria Mortgage -
How to ELIMINATE or REDUCE your monthly PMI
I call private mortgage insurance (PMI) the necessary evil of mortgage industry. If you have less than a 20% down payment to put toward your home purchase, or less than 20% equity when refinancing, you'll have to deal with mortgage insurance because of your increased risk to the mortgage lender. Not everyone has a 20% down payment, so paying PMI is very common. Even FHA loans require mortgage insurance. If your mortgage requires PMI, you'll pay PMI until you refinance or until your Loan-to-Value in your property is 78%. Traditionally, you pay private mortgage insurance monthly as part of your mortgage payment. This can be expensive.
Would you be interested to know about less expensive mortgage insurance options? Has your Loan Officer discussed with you options to significantly reduce or eliminate PMI from your loan? Why not? Maybe because you are working with the wrong lender!
Our PMI Eliminator can completely eliminate your monthly PMI payment so you never have to worry about it, ever!
Ask yourself these PMI Eliminator questions?
If you answered "Yes" to these questions, the PMI Eliminator loan might be right for you!
How do our Two Basic PMI Elimination Options Work?
Both options SAVE YOU A TON OF MONEY versus a loan with traditional private mortgage insurance. You end up with a significantly lower monthly mortgage payment, you are still getting a standard conventional loan, with standard great mortgage interest rates, you just don't have expensive monthly mortgage insurance to worry about! Another benefit, is because of the way the mortgage insurance is paid, you'll maximize your tax deduction (remember to check with your tax advisor before making any tax-related decisions).
The HARP refinance option:
Don't worry. We have a special HARP (Home Affordable Refinance Program) option just for you.
We lend in MN and WI. Call (651) 552-3681, or APPLY online - and be sure to mention you want a no PMI loan option.
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