Mortgage Insurance
Mortgage Insurance (MI) is generally required for a borrower who has less than 20% equity in her home. MI that is paid by the borrower is referred to as BPMI*, and premiums are typically paid monthly as a part of the housing payment. Additionally, in some circumstances lenders pay for the MI in a single premium at closing, and this is known as LPMI* (Lender Paid Mortgage Insurance).
If home values have increased in your area, you may no longer need mortgage insurance! We can review your current mortgage terms and evaluate home values in your neighborhood to determine if you have enough equity in your property to eliminate your monthly MI payment. Even if your equity position still requires MI, you could potentially save money by refinancing into either a mortgage with LPMI or a mortgage with a reduced monthly MI premium.
Some borrowers can deduct MI payments from their taxes!
Congress has extended legislation that allows borrowers with incomes less than $110,000 to deduct at least a portion of their mortgage insurance (MI) payments.
- If the adjusted gross income (AGI) is less than or equal to $100,000, 100% of MI payments can be deducted.
- The deduction is phased out by 10% for each additional $1,000 of income reported (e.g. if AGI is $101,000, 90% of MI payments can be deducted; if AGI is $105,000, 50% of MI payments can be deducted
- Effective for both refinance and purchase transactions closed after 12/31/2014. Deduction is available for MI premiums paid or accrued between 1/1/2015 and 12/31/2016.
Home Buyer Tips
- 2 Myths That May Be Holding You Back From Buying
- 5 Reasons Home Ownership is a Good Financial Investment
- Condo Loans - Low Down Payment
- Do’s and Don’ts During The Loan Process
- FHA 90 Day Property Flip Waiver
- Getting a Mortgage: Why So Much Paperwork?
- How to know if it’s a condo?
- How We Safe Guard Your Information
- Look for a Luxury Home? Now’s The Time To Act!
- Mortgage Insurance
- Niche - Unique Mortgages
- Path 2 Buy
- Ready To Make An Offer? 4 Tips For Success
- Rent vs. Buy
- Rising Rent - No Problem
- Student Loan Debt
- The Mortgage Process
- The Perfect Home Loan Application
- USDA-Wide Open Spaces
- What You Need To Know About VA Loans
Loan Programs
- 3 Reasons Why First-Time Home Buyers Love FHA
- FasTrac Approval Process
- FHA - Home Ownership Opportunities
- FHA “Back-To-Work: Extenuating Circumstances” Program
- FHA 203k Streamline Rehab Loan
- Home Ready Program
- HomeStyle Renovation
- HUD-184 Native American Program
- Jumbo Loans
- Jumbo Plus Loans
- Loan Programs - Pros & Cons
- Reverse Mortgage
- Veterans Assistance Loan Benefits
Homeowner Tips
Tax Information
Credit Information
Financing Information
- Delayed Financing Options
- Discount Points vs Premium Pricing
- Duplex Financing Options
- FICO Scores
- Flipped Property Finance Options
- How Low Interest Rates Increase Your Purchasing Power
- Jumbo - Credit Challenged
- No Lender Fees
- Refinancing
- The Power of Pre-Approval for Agents
- Where Are Interest Rates Headed?
- Why Pre-Approval Should Be Your First Step
Specialty Programs
- Family Opportunity Program
- Fannie Mae - 97% LTV
- FHA - Benefits
- FHA - Credit Requirements
- FHA - Limited Savings
- FHA - Refinance
- HomeScout: Your Unfair Advantage
- Jumbo - Medical Loan Program
- Luxury Home - 2 Million Max
- NHF Platinum - Down Payment Assistance
- Non-Resident Alien Home Loan
- Union Advantage