Enjoy the ease and convenience of one loan and one low payment.
- No monthly Mortgage Insurance (MI) premium
- Potential for qualifying for a larger loan
- Potential for greater tax benefits
- Potential savings over the life of the loan
What is Lender Paid Mortgage Insurance (LPMI)?
With the LPMI option, the lender pays your mortgage insurance through a higher interest rate, allowing you to avoid mortgage insurance with less than a 20% down payment. Even with the higher interest rate, your total payment is usually less than if you had a lower interest rate with mortgage insurance. You can now enjoy a low payment without having to take out a second mortgage or home equity line of credit. This maximizes your tax-deductible interest and minimizes closing costs.