Homebuying has just become more affordable with the MI Buster. One of the biggest concerns of homebuyers applying for home loans is having to pay a high amount of Mortgage Insurance (MI). So if you aim at avoiding mortgage insurance without having to put 20% down, read on to learn how this product can help you.
Mortgage insurance (MI) is a type of coverage that protects the lender in the event a borrower defaults on their mortgage. It is required if the borrowers are not able to make a 20% down payment. But with conventional loans, MI automatically cancels once you reach 78% of the property's original value.
Nonetheless, the cost of MI can be 0.45% to 1.05% of the loan amount, which you can either pay upfront or annually. But even if you're paying it for just a few years, your monthly payments can still become a bit pricey.
MI can be expensive and a hassle to get rid of. But there is hope!
The (MI) Buster is a great mortgage product. It allows qualified borrowers to eliminate MI on purchases with a loan-to-value ratio of 80.01-89.99%.
It means that even if their down payment is as little as 10.01%, they wouldn't have to pay for the coverage. Additionally, this product applies to conventional purchase loans starting from $200K up to the county's loan limits.
Even if you want high-balance loans, there's the MI Buster High Balance product. This allows you to purchase houses that are beyond the conforming limits.
Other than not having to put a 20% down, what else can you get from the MI Buster? Here are other benefits of taking advantage of this product:
Aiming for a 20% down can be challenging for most people. That's why products like MI Buster help borrowers eliminate MI with just 10.01% down. This product applies to conventional loans with 30-year fixed mortgage rates. It can also be used on both primary and secondary home purchases in the market. Here are the other requirements needed to be eligible for this product:
Dream homes are huge financial expenses up front, not to mention the high monthly payments. But this mortgage product might just be the solution you need.
MI Buster eliminates mortgage insurance even with a 10.01% down. This allows borrowers to use more of their finances for other things such as repairs or renovations. Moreover, since this product applies to conventional purchase loans, borrowers will be paying less on monthly payments and be able to save more in the long run.
Working with independent mortgage brokers can give you access to multiple mortgage programs and help you decide which one would suit you best so you can enjoy more reasonable rates. As your mortgage industry guide, your broker can also lessen the stress of homebuying by providing you with a more efficient process.
Call Ebenezer Mortgage Solutions' mortgage brokers today at (813) 284 - 4027 so we can start working on your application.