How to ELIMINATE or REDUCE your monthly PMI

I call private mortgage insurance (PMI) the necessary evil of mortgage industry. If you have less than a 20% down payment to put toward your home purchase, or less than 20% equity when refinancing, you'll have to deal with mortgage insurance because of your increased risk to the mortgage lender. Not everyone has a 20% down payment, so paying PMI is very common. Even FHA loans require mortgage insurance. If your mortgage requires PMI, you'll pay PMI until you refinance or until your Loan-to-Value in your property is 78%. Traditionally, you pay private mortgage insurance monthly as part of your mortgage payment. This can be expensive.

Would you be interested to know about less expensive mortgage insurance options? Has your Loan Officer discussed with you options to significantly reduce or eliminate PMI from your loan? Why not? Maybe because you are working with the wrong lender!

Our PMI Eliminator can completely eliminate your monthly PMI payment so you never have to worry about it, ever!

Ask yourself these PMI Eliminator questions?

• Is your down payment more than 5%, but less than 20%?
• Is the equity in your home low enough to require you to still have to pay PMI on your refinance?
• Do you plan on staying in your home or mortgage for more than 3-years?
• Would you like to completely eliminate your monthly PMI payment?
• Are you getting a conventional mortgage loan (NOT FHA, VA, USDA, etc)?

If you answered "Yes" to these questions, the PMI Eliminator loan might be right for you!

How do our Two Basic PMI Elimination Options Work?

1. Take a slightly higher rate.
2. Pay slightly more in closing costs with a one time, cost effective PMI buy out option

Both options SAVE YOU A TON OF MONEY versus a loan with traditional private mortgage insurance. You end up with a significantly lower monthly mortgage payment, you are still getting a standard conventional loan, with standard great mortgage interest rates, you just don't have expensive monthly mortgage insurance to worry about! Another benefit, is because of the way the mortgage insurance is paid, you'll maximize your tax deduction (remember to check with your tax advisor before making any tax-related decisions).

The HARP refinance option:

• Does your current loan NOT have PMI?
• Is your loan owned by Fannie Mae or Freddie Mac? Who you make your payments to is not who owns your loan. Click here to find out if Fannie or Freddie own your loan.
• Are you afraid of trying to refinance because your home has lost value and would now be OVER 80% loan-to-value?

Don't worry. We have a special HARP (Home Affordable Refinance Program) option just for you.

We lend in MN and WI. Call (651) 552-3681, or APPLY online - and be sure to mention you want a no PMI loan option.