Private Mortgage Insurance also known as PMI, is a requirement for the majority of mortgages where the buyer is putting less than 20% down for a down-payment. PMI does not benefit the borrower but rather it provides the lender security in the loan in case of default. With PMI, your monthly payment can increase by $75 to about $125 for every $100,000 borrowed.
Here at Northeast Financial we have numerous products with no PMI that will allow you, the borrower, to get a mortgage even if you make a down-payment of under 20%. This is done through a Lender Paid PMI Program. Here are some of the advantages:
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No PMI gives you greater buying power when looking for your dream home!
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You can borrow as much as 95% of the purchase price of the home without paying PMI.
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Competitive Interest Rates!
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Loan Programs customizable to fit your needs!
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Requesting for cancellation of PMI when you reach 20% equity not needed!
Northeast Financial is here for you and your best interest! Call now to inquire about our Lender Paid PMI program!
Thank You,
