If you are a home buyer and do not want to pay Private Mortgage Insurance as part of the mortgage payment, this mortgage loan may be the best fit for you. The PMI is removed in this program so it is not added to your loan payment.  PMI is often a lending requirement for those putting down less money than the standard 20% down payment. This insurance is used to secure the loan in case you default on the loan.  If you get a loan with PMI the lender as a standard guideline requires that you gain 20% equity in your home value in order to remove PMI.

This option removes the requirement and instead increases the qualifying interest rate  instead.  You see, the private mortgage insurance is tied into the rate instead of exclusive of the rate.  That way, you never have to worry about needing to qualify for the standard 20% equity increase requirement.  Of course, you it is wise to discuss this type of loan program with your lender as lending guidelines often change from time to time and you need the newest info.  You can fill out the easy questionnaire to get started and we will provide your information to a seasoned mortgage professional . If course, you an choose any mortgage lender you want. We receive no compensation from a lender.