Looking to eliminate your monthly mortgage insurance payment? Quicken Loans has the answer for you with PMI Advantage!

  • Is your down payment less than 20%?
  • Is the equity in your home low enough to require you to pay PMI on your refinance?
  • Do you plan on staying in your home for 15 years or less?
  • Would you like to completely eliminate your monthly PMI payment?

If you answered yes to any of these questions, PMI Advantage – our lender-paid mortgage insurance – may be right for you! Find out how eliminating your monthly PMI will benefit your bottom line.

PMI Advantage Gives You Options and Flexibility

Buying Power
You can afford a more expensive home even if you haven’t saved up 20% for a down payment. Get into the home you want now by putting down less – without worrying about PMI!

More Cash on Hand
If you put 20% down on a $300,000 home, that’s $60,000. If you put 5% down, that’s $15,000. By putting less down, you could save as much as $45,000 for home upgrades, renovations, repairs, new furniture – the possibilities are endless!

Savings
Money paid as mortgage interest can be claimed on your tax returns at the end of the year, but money paid for monthly PMI cannot.

Simplicity

PMI Advantage simplifies the process because you don’t need to worry about a monthly PMI payment.


Why you should choose Quicken Loans

  • We’re the nation’s largest online lender according to National Mortgage News.
  • Our powerful online tools, like MyQL, allow you to close your loan quickly and always have your loan information at your fingertips.
  • We’ve earned an A+ rating from the Better Business Bureau.
  • We can close your loan fast. Thomas of Safety Harbor, Florida, closed his loan in just ‘twenty-one days from the day I committed to refinance.’

If you’re ready to talk to a Home Loan Expert about your loan options, call (800) 251-9080 now or fill out the form on the right and we’ll call you!

Let’s say you’re not able to put 20% down on a new home. Or, you have less than 20% equity in your current home. In either of these cases, if you’re looking to refinance, we have a solution for you. If you’re ready to lock in today’s low mortgage rates, PMI Advantage could be a great solution for you. PMI Advantage can provide you with a homeownership solution that traditional mortgage insurance doesn’t offer.

Here’s How PMI Advantage Works:

  • Get a slightly higher rate and you’ll never pay a monthly mortgage insurance payment.
  • We’ll pay your PMI to the mortgage insurance company so you never have to worry about it.
  • PMI Advantage is available on most of our conventional, YOURgage, and Adjustable-Rate (ARM) mortgages.

If you’re ready to talk to a Home Loan Expert about your loan options, call (800) 251-9080 now, or fill out the form on the right and we’ll call you!

If you have less than a 20% down payment to put toward your home purchase, or less than 20% equity when refinancing, traditionally you have to pay private mortgage insurance on top of your normal monthly mortgage payment.

Not everyone has a 20% down payment, so paying PMI is common. Even FHA loans require mortgage insurance. If your mortgage requires PMI, you’ll pay PMI until you refinance or until the loan-to-value ratio for your home reaches 78%.

Quicken Loans provides options to significantly reduce or eliminate your monthly PMI payment. If your goal is to get the lowest payment possible, our PMI Advantage could be right for you.

If you’re ready to talk to a Home Loan Expert about your loan options, call (800) 251-9080 now or fill out the form on the right and we’ll call you!

Click to see our assumptions.
  • Mortgage rates could change daily.
  • Actual payments will vary based on your individual situation and current rates.
  • Some products may not be available in all states.
  • Some jumbo products may not be available to first time home buyers.
  • Lending services may not be available in all areas.
  • Some restrictions may apply.
  • Based on the purchase/refinance of a primary residence with no cash out at closing.
  • We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 720, or in the case of certain Jumbo products we assume a credit score over 740; and an escrow account for the payment of taxes and insurance.
  • The lock period for your rate is 45 days.
  • The loan to value (LTV) ratio is 70%. If LTV > 80%, PMI will be added to your monthly mortgage payment, with the exception of Military/VA loans. Military/VA loans do not require PMI.
  • Please remember that we don’t have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. Quicken Loans offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (800) 251-9080 to talk to one of our mortgage experts.


Don’t miss out – lock-in your low rate! Call (800) 251-9080 or fill out this form now.

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