If you thought your good credit score was supposed to help SAVE you money and get rid of the dreaded “Mortgage Insurance,” then this product may be for you.
Introducing Security’s MI Buster Loan
- Pay no private mortgage insurance on loans up to 95% LTV
- Uses a low-rate HELOC to act as down-payment to get you below 80% LTV
- Interest only payments on the HELOC can be much less expensive than costly mortgage insurance payment
- Can me much more cost effective than lender paid Mortgage Insurance
If your down payment on a home is less than 20% of the purchase price, you have probably heard of Private Mortgage Insurance, or PMI. PMI protects the lender in case of default and can be charged to borrowers who have a Loan to Value (LTV) ratio that is higher than 80%. The beauty of Security’s MI Buster Loan is that it used an interest-only loan as your down payment, thus giving you a lower LTV ratio, which can be a more cost effective way to pay for the mortgage. Ask your Security Home Mortgage expert today if the MI Muster Loan is a good choice for your situation, and say goodbye to that dreaded PMI payment today.