Little Used MI Option That Can Save You A Ton!...

Good Morning! With FHA raising it's mortgage insurance rates recently many people have turned to conventional financing. There are two reasons people are looking at conventional financing... 1) Generally the MI rates are lower. 2) There are more MI options. I wanted to specifically tell you about an under used MI option on conventional loans. Most lenders use BPMI on conventional loans. This stands for "Borrower Paid Monthly Insurance". Some lenders use LPMI, which stands for "Lender Paid Mortgage Insurance". On average LPMI will lower your monthly payment by around 8% to 6% over BPMI. Very few lenders offer or utilize Single Premium Financed mortage insurance. ...but it's often your best option for a lower payment and more buying power. For example: On average Single Premium Financed MI will lower your monthly payment by 17% over an FHA loan! ...and it would increase the amount you could borrow by 29%! If you would like to see what your payment would be using Single Premium Financed MI - give me a call or shoot me an email! ...I would love to help you!      Have a good day today!  ...and thanks for reading.   Brett     To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application. To sign up for my weekly mortgage quick tips - CLICK HERE.