Mortgage insurance. PMI. MI. MIP. There are several different names for it. If you have a conventional loan and didn’t put 20% down, or didn’t have 20% equity on a refinance–you likely have mortgage insurance. If you have an FHA loan, you have PMI. If you got an FHA loan to buy or refinance a home since June of 2013, your mortgage insurance will never go away. It’s permanent for the life of the loan. Sure, your interest rate may be 3.25%, but the effective rate, once you blend in the cost of the PMI, is much higher–usually around 5% or more. Mortgage insurance insures the lender if you default on your loan. Can you get rid of mortgage insurance? Yes! Do you need 20% equity on a refinance, or 20% down on a purchase? No!
The 801-APPROVE Team has mortgage loans without the wasteful monthly mortgage insurance. You can finance up to 97% of the appraised value/purchase price. That means all you need is $6,000 down payment on home with a purchase price of $200,000. If you’re refinancing you just need 3% in equity. If you understand the time value of money, just an extra $100 each month going toward your mortgage balance, into an investment or savings account, or towards other high-interest debts like credit cards can have a big effect over the course of a 30-year mortgage. You can literally save tens-of-thousands by putting that extra $100, 200, 300, 400 or more directly to your principal. It’s small decisions like this that add up to a lot over time. Even if you just use the money to do something fun with it–like go to Hawaii–it’s better than wasting that money on mortgage insurance.
Call the 801-APPROVE Team and we can run the numbers for you for free. We don’t need to pull your credit. In only about two minutes we’ll tell you how much a loan without mortgage insurance will save you. These are conventional, fixed-rate loans. There are no hidden strings or catches. Gone are the days when you needed a 20% down payment on a purchase or 20% equity on a refinance. Most banks and credit unions do not offer such loans. They like their money. They like being insured against default. That’s why the biggest wholesale mortgage lenders in the country are on the cutting edge of mortgage lending, offering the best and widest array of loans available. You can choose the lowest rate, with our industry-leading low closing costs, or you can choose a no-cost refinance. We’ll give you the options and help you decide which is the best choice for your circumstances.
Rates are incredible right now. So you may be able to get rid of mortgage insurance and lower your interest rate, saving you even more. The rates are fixed. We can set your term from 8 years up to 30–you choose. Cut several years off your mortgage and accelerate your equity with “No MI” loan. A refinance to a loan without mortgage insurance can save you thousands each year and the whole process will take you about two hours of time. So give yourself a huge bonus by getting rid of mortgage insurance!
FEATURES OF THE CONVENTIONAL FIXED-RATE, “NO MI” LOANS:
-Buy a home with as little as 3% down payment
-Refinance with as little as 3% equity
-Excellent for first-time homebuyers
-No Cost Options Available
-No credit check is required to get a free, personalized, no obligation quote.
Call us. We’ll give you a quote right over the phone and then email it to you. No MI loans are just one of the reasons The 801-APPROVE Team is Utah’s best mortgage lender, and just one more way we crush banks and credit unions!