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

Edgar DeJesus • April 20, 2021

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


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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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CONTACT US

Call or text 561-223-9347 or email edgar@treasurecoasthomeloans.com to discuss your move-up plan and determine whether a bridge loan is the right fit for your situation. 


Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by the borrower(s). A loan is only approved when the lender has issued approval in writing and is subject to all lender conditions. Any specified rates and terms are contingent upon loan approval and are subject to change without notice due to unpredictable market conditions. Innovative Mortgage Services, Inc. is a Florida licensed lender. Company NMLS #250769. Originator NMLS # 230414. Florida Mortgage Lender License, License/Registration #: MLD178 Florida. Mortgage Lender Servicer License, License/Registration #: MLD2167 Equal. Equal Housing Lender 


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