Options to Eliminate Mortgage Insurance
Hi! Matt Padgett with Keystone Mortgage.
We get calls all the time from clients on how much should be put down. With conventional financing, you can put down anywhere from 3 percent of the purchased price to 50 + percent. A lot of people think that just because you don’t put 20% down mean you’re going to have mortgage insurance.
In today’s environment we actually have options where you don’t put 20% down, you still have options not to have mortgage insurance. What that’s called is ‘lender paid mortgage insurance’ and many times it results in a higher interest rate. However, it can make you have a lower payment which may make sense of you plan on being in the home 5 to 7 years or less. For details, give us a call 865.909.0211