Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

head_left_image

NO PMI Loans - Back from the Dead - A Great Option for Many Buyers!

It is always good news for Buyers when lenders expand the range of the loan types available.  Lenn Harley makes a great point in the comments in the original post regarding the deductibility of the interest, whereas PMI is not deductible.

It seems like it was just yesterday that the sub-prime and Alt-A loans were all the rage.  Then, in the snap of the fingers, everything was gone.  Vanilla was the only thing that was left.  FHA, Conventional, VA were really the only loans of substance with a deep imprint on the market.

Time continue to change and now, NO PMI loans are back.  PMI is the acronym for Private Mortgage Insurance.  What that means is that if you're buying a home with a conventional loan, you now have the ability to buy a home without private mortgage insurance.  What this means to the average consumer is that if you're putting 5% down or greater, then you may be eligible for one of these loans.  You need 5% and good credit.

The way it works is that the lender bumps the rate up from the standard mortgage rate.  You pay more interest with each payment, but more importantly, your monthly payment is less than you would have had if you had a loan with private mortgage insurance.

Last Friday, I gave this loan to a client of mine who only put 5% down.  She's paying $84 dollars more per month in interest, but her payment is $124 less overall had she gone with private mortgage insurance.

It's back!  It may be temporary, but it's a valid option for those who want to maximize their cash flow and for those who have the credit to qualify.  Ask your loan officer for more details.

If you choose, you can find me here:

          Follow The Twittering Tweets on Twitter            Follow Bettag's Blabs on Facebook           Follow Me On Linked In    

 

                          Mortgage Myth Busters   Cherry Creek Mortgage Company

                                          NMLS ID#158606          Equal Housing Logo     An Illinois Residential Mortgage Licensee

 

About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with the BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Operating Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
BVO Luxury Group
Keller Williams Arizona Realty

Comments

Enjoyed this post and want to read more - try this one - Peacocks and Pickles for Christmas 2015!  Merry Christmas!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 2 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 2 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 2 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 2 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 2 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) 9 months ago

This blog does not allow anonymous comments