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Tired of Paying Mortgage Insurance?

billsIf you have a loan with mortgage insurance – you may be surprised to learn that you may be overpaying on your mortgage each month.

Due to rising home values over the last couple of years, many people are finding out that they qualify to refinance and stop paying mortgage insurance.

Lenders have recently announced new LPMI programs – where the lender pays the mortgage insurance!

5 Benefits of Lender Paid Mortgage Insurance

  1. Lower overall monthly payments as compared to Monthly paid MI.
  2. Helps reduce debt to income ratios and can help you qualify for a refinance.
  3. When purchasing a house, LPMI programs will increase your buying power.
  4. Planning to purchase a house and put down 20%? LPMI programs can give you the option to put down less and have additional money left over to put towards new home items like upgrades, furniture, window treatments, etc.
  5. Interest on LPMI premium may be tax deductible (check with your tax advisor to be sure).

Who Should Consider LPMI Programs?

successAnyone who has gotten an FHA loan in the last 24-36 months. If you have gotten an FHA loan recently you may qualify to convert to a LPMI conventional loan program and remove your FHA mortgage insurance. This is a BIG SAVINGS OPPORTUNITY.

Anyone who has gotten a conventional loan within the last 12 months and is paying mortgage insurance. If you have gotten a conventional loan in the last 24 months, its possible to qualify for an LPMI program and significantly reduce your overall monthly payment.

Anyone who is buying a house. If you are buying a house and planning to put 20% down, LPMI programs give you an option to spend the money you would have on mortgage insurance on other things like new home upgrades, new furniture, window treatments, etc.

OUR EXPERTS SEEN ON

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IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

This site is in no way affiliated with any news source. This site contains affiliate and partner links. This website and the company that owns it is not responsible for any typographical or photographic errors. If you do not agree to our terms and policies, then please leave this site immediately. All trademarks, logos, and service marks (collectively the "Trademarks") displayed are registered and/or unregistered Trademarks of their respective owners. Contents of this website are copyrighted property of the reviewer and/or this website.

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