3 Quick Tips and A Bonus On Not Having Monthly Mortgage Insurance When You Buy Your Home...

Today I want to give you three quick tips on making sure you don’t get mortgage insurance when you buy your new home.

Tip #1 is to put a 20% down payment on a conventional loan, and you will not have mortgage insurance (almost everyone knows this). The problem is not everyone has a 20% down payment. 

Tip #2 If you’re a Veteran and have been honorably discharged, VA loans don’t have mortgage insurance even with zero down payment. Again not everyone is A Veteran but for those who are, Thank You For Your Service. 

Tip #3 Ask your lender if you can buy out your mortgage insurance upfront at the time of closing.

I know I said I have three quick tips, but I want to make sure you know all of the ways you can end up with a mortgage that has no mortgage insurance.

Bonus Tip #4 Ask your lender if you qualify for lender-paid mortgage insurance. 

More than just three quick tips on making sure you now know how to avoid mortgage insurance. I want to help you learn and understand all of your mortgage options from the down payment, program eligibility, closing costs, and yes, even your mortgage insurance options. 

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