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Eliminate PMI or Private Mortgage Insurance!!!                                                                                             

Eliminate PMI and save thousands! Ok, I admit it. As a Loan Officer, I hate PMI. Unless we are talking about an FHA loan and we have no choice, PMI does nothing for my client, my employer, or I. I have had to decline more loans because the PMI payment made the ratios NOT work than I have gained from clients who could not or did not wish to make a 20% down payment. The rules are written to make it a nightmare for consumers to get rid of PMI, it is not tax deductible, and so on, grumble, grumble, grumble, complain...... Do you get the picture? 

If you are buying or refinancing, I have good news for you. There are several great new loan programs that work. The best idea is to let me know what you are trying to do and I can "run some numbers" for you so you can make an informed decision on what is best for you.

  • One Time Mortgage Insurance Great strategy if you know you are going to be in a home for several years. Put 10% down and the PMI premium is financed into the loan. Most significantly, this program usually provides the lowest payment compared to combination loans and lender paid MI. Recent legislation now requires the PMI company to refund a substantial portion of the financed premium if you sell or refinance within the first 15 years! Unlike a combination loan, you retain the ability to pull equity out with a second trust or HELOC for improvements, debt consolidation, remodeling or other expenses. Completely deductible and no PMI. 
  • Lender paid PMI Wonderful new program! Allows as little as 5% down and a factor is added to the interest rate depending on LTV. Completely deductible and no PMI.
  • 90 No MI Put down 10 % cash and the PMI goes away. Slightly higher interest rate but less than Lender Paid. Completely deductible and no PMI.
  • Advantage 90 Interesting new program that will allow a 10.1% down payment and no PMI. Interest rate is 55 basis points above market but the premium is eliminated if the value of your home appreciates to where you have 20% equity. Completely deductible and no PMI.
  • Combination Loans We set the first trust at 80% of the purchase price to avoid PMI, we do a 10 or 15 percent second and you put down 5 or 10% cash. There is even one which will allow an 80/20 combination. Works in a refinance situation as well! Completely deductible and no PMI.

We offer you the ability to qualify and close into several unique programs which accommodate borrowers with non traditional income or asset situations. Please visit my No Docs page.

If you already own your home and are paying it STOP! All of the above programs are available to you as well. Today, refinancing is relatively inexpensive (if you don't pay origination fees) and can usually be completed within 30 days. And, given the appreciation we have seen recently in many parts of the market we may be able to get an appraisal in with an 80% LTV and the process becomes very easy. Calculate your "Payback Period"  to verify refinancing makes sense in your specific situation.

I have included a page on how to calculate your qualification ratios.

I have included a page on documentation requirements.

* I have included a section on the new Cash Flow ARMS. A LIBOR based product which gives you complete flexibility in managing your mortgage

The new Asset Manager is a creative HELOC which gives you complete control over your mortgage as well.

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.


Eliminate PMIPrequalify to eliminate PMI.

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