New Lender-Paid Mortgage Insurance Options
What are the Benefits of LPMI?
- Reduced Closing Costs
- Lower Monthly Payments
- Enhanced Tax Deductibility
- Qualify for Higher Mortgage Amount
Why Do Borrowers Need to Purchase Private Mortgage Insurance (PMI)?
PMI protects the lender against any default on the loan. It is required for any loan higher than 80% Loan to Value. (If the down payment is less than 20%) of the home’s sale price.