Tired of Paying Mortgage Insurance?
If 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
- Lower overall monthly payments as compared to Monthly paid MI.
- Helps reduce debt to income ratios and can help you qualify for a refinance.
- When purchasing a house, LPMI programs will increase your buying power.
- 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.
- Interest on LPMI premium may be tax deductible (check with your tax advisor to be sure).
Who Should Consider LPMI Programs?
Anyone 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.