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Why Do I Have PMI On My Mortgage?

Posted on February 22, 2018 · Posted in no PMI

Private Mortgage Insurance also known as PMI, is a requirement for the majority of mortgages where the buyer is putting 20% or less for a down payment in order to qualify for a loan. PMI provides a lender security in the loan in case the borrower defaults on their payments. With PMI, your monthly payment can increase roughly by $75 to about $125 for every $100,000 borrowed.


Here at Northeast Financial we have numerous products with no PMI that will allow the you, the borrower, to get a mortgage even if you make a down payment of under 20% without taking on the additional cost of the PMI. This is done through a Lender paid PMI program which is outlined below and can be used for a home purchase loan or a mortgage refinance.


1. No PMI gives you greater buying power when looking for your dream home!
2. You can borrow as much as 95% of the purchase price of the home and have the lender pay your PMI in the rate.
3. Rates are still competitive!
4. 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,


Ramazan Sinani
Mortgage Loan Originator
Northeast Financial
NMLS: 1590862 Company NMLS: 117273
Cell: 203-695-6858 Fax: 203-413-6240