95% LTV Loans for Purchase and Refinance with NO Monthly PMI

One of the most popular conventional mortgage programs used today is the single pay or lender paid mortgage insurance product.  Any time a mortgage is over 80% loan to value, there is mortgage insurance. 

The borrower has three different options to decide between for there mortgage.
  1. Monthly mortgage insurance:  This is a loan that has monthly mortgage insurance premiums.  The premium rate is dictated by the borrower credit score and loan to value.
  2. Single Pay Mortgage Insurance:  This is a mortgage that allow the borrower to pay the mortgage insurance upfront at the time of closing.  The borrower can choose to pay the premium in cash or select a higher interest rate to offset the premium charged at closing.  Again, the amount of the premium charged for the single pay option is dictated by credit score and loan to value.  There is NO MONTHLY MI payment with this option.
  3. Lender Paid Mortgage Insurance:  This is a mortgage where the lender builds the single pay premium into the the interest rate for the borrower.  There is no option to pay the single pay premium in cash.  The pricing 'hit' to the rate is dictated by credit score and loan to value.  There is NO MONTHLY MI with this program.
All of these loans are available via our lenders.  Call us today to discuss which option best fits your mortgage needs.  We are located in Edina, Minnesota near 494/France Ave.

Ben Coulter  |  NMLS#383046
612.384.7818
Ben@UptownFinancial.com

 


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