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Avoid PMI and Put Less Money Down

Private mortgage insurance is an extra fee that is included in many mortgages. With our PMI Saver loan, you can avoid that extra cost and still take advantage of our low rates and fees.

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Apply for a PMI Saver Loan today!

Getting started is easy! Our online application streamlines the process from start to finish. Submit documents and get updates on the status of your loan, all without leaving the comfort of your own home. Prefer to apply over the phone? Give us a call at 800-353-4449.

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What Is PMI and How Does It Work?

Private mortgage insurance (PMI) is an insurance policy you may need to take out as a condition of your conventional home loan. It protects your lender if you can't repay your mortgage. Most lenders require PMI when you make a down payment that's less than 20% of the home's value. However, our PMI Saver Loan allows you to avoid PMI for as little as 10% down.

PMI allows borrowers who put down less than 20% to obtain financing. However, PMI comes with additional monthly costs. PMI costs can range from 0.25%-2% of your loan balance each year, depending on your loan amount, down payment, mortgage term, and credit score.

Generally speaking, the greater your risk factors, the higher your PMI. Since your PMI is a percentage of your mortgage amount, the more you borrow, the more you'll pay in PMI.

 

How Does a PMI Saver Loan Work?

Another way to avoid PMI when buying a home is to take out a PMI Saver Loan from Mortgage Center. With this loan, we'll cover your mortgage insurance so you don't have to pay for it out of pocket each month. We factor PMI costs into your interest rate for the life of your loan, which can help you save money over the long term.

 

Who Qualifies for a PMI Saver Mortgage Loan?

At Mortgage Center, we make buying a home more affordable with our PMI Saver Loan. When you apply for this loan, we'll look at factors like your credit score, loan amount, and down payment to determine your eligibility and interest rate.

 

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FHA

Great for first-time homebuyers who need a low down payment or those with less than perfect credit.

Zero Down Payment Loan

Lets you purchase the house you want without putting any money down.

Home Renovation Loan

Allows you to combine home improvements with your purchase so you don't need to take out two loans.

Right Choice Home Loan

Offers you flexible credit options and a low down payment.