Mortgage Insurance

Описание: Are you dreaming of owning a home but dreading the additional cost of Mortgage Insurance? You’re not alone. Many homeowners face this extra expense, but there are ways to avoid it! In this video, we’ll reveal the secrets to bypassing Mortgage Insurance and making your dream home more affordable.
📌 What You'll Learn:
Understanding Mortgage Insurance:
• What it is and how it works
• How to remove PMI once you have 20% equity
• Differences between conventional loans and FHA loans
Tip 1: Make a larger down payment. Example: Save for a 20% down payment on a $300,000 home, which is $60,000.
Piggyback Loans:
• How a second mortgage can help you avoid Mortgage Insurance
• Using an 80/10/10 loan structure
Tip 2: Consider an 80/10/10 loan structure. Example: For a $300,000 home, get a $240,000 primary mortgage, a $30,000 second mortgage, and put down $30,000.
Lender-Paid Mortgage Insurance (LPMI):
• How LPMI can reduce your monthly costs
Tip 3: Ask your lender if LPMI is available. Example: Compare monthly payments with and without LPMI to see potential savings.
VA Loans:
• Benefits for veterans, including no Mortgage Insurance required
Tip 4: Check your eligibility for VA loans through the Department of Veterans Affairs. Example: A veteran buying a $300,000 home can save thousands without Mortgage Insurance.
By understanding these strategies, you can make homeownership more affordable. Whether it’s saving for a larger down payment, considering different loan structures, exploring LPMI, or utilizing VA loans, there are options available to help you achieve your dream without the burden of Mortgage Insurance.
For more expert mortgage advice, visit KBishop Funding or reach out to us directly. Thanks for watching! Don’t forget to subscribe for more helpful tips on home buying.
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Ross Osten NMLS#1997290
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