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Do You Have To Pay PMI On Your Mortgage?

Posted on October 5, 2017 · Posted in Connecticut Home Purchase Mortgage, no PMI

Did you know that you can buy a house without 20% down and not have to pay the traditional PMI anymore?

 

When it comes to mortgage insurance, most people have a negative reaction.  They think mortgage insurance bad.  It may or may not be, but it is required whenever you put less than 20% down when you are purchasing a house. One thing that you may not be aware of is that there are options available to you today that were not available years ago.  It may now be possible to restructure your mortgage using Lender Paid Mortgage Insurance or LPMI.

 

LPMI is lender-paid mortgage insurance. The idea of lender paid mortgage insurance is pretty simple: Either you pay a fee up front when you get your loan or you accept a higher interest rate and the lender will pay the mortgage insurance for you.  When you do the math, its possible that LPMI can save you a lot of money on your monthly mortgage payment and possibly allow you to qualify for a mortgage more easily.

 

Is LPMI right for you? Call Dotty today and let me show you the options that are available to you.  You can decide which option is the best for your situation.  Keep in mind, the monthly savings can be dramatic and may mean the difference between whether or not you qualify for the home you want.

 

Thanks,

 

 

dottyDotty Owens (NMLS: 70977)
210 South Main St. Middletown, Connecticut
Cell: 203-668-7770
Fax: 203-413 6240
Email: Dotty@northeast-mortgage.com

Company NMLS: 117272