Mortgage insurance helps homebuyers achieve the dream of homeownership sooner by allowing you to purchase a home with less than 20% down payment, while paying the same competitive interest rates as those with larger down payments.
While mortgage insurance helps protect lenders against mortgage default, this is the only avenue available which would allow you to purchase a home with a minimum down payment of 5%.
To obtain mortgage insurance, you pay an insurance premium that is based on a percentage of the home's purchase price that is financed by a mortgage. The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments.
Please call me with any questions and/or if you're thinking of getting into the real estate market. I'll help you find the best of the best mortgage brokers, lawyers, inspectors, home insurance and many other professionals you'll need on your team when finding your own slice of paradise.