Eliminate your monthly mortgage insurance payment with PMI Buster

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

If you answered “Yes” to any of these questions, the PMI Buster might be right for you! Find out if eliminating your monthly PMI is your best financial decision.

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 Mobile, allow us to close your loan quickly. This app is exclusive to Quicken Loans clients and works with iPhone® and Android™!
  • We have an A+ rating according to the Better Business Bureau.
  • And we can close your loan fast. Thomas of Safety Harbor, FL, closed his loan in just ‘twenty-one days from the day I committed to refinance’.

Are you going to stay in your home forever? If you’re ready to lock in to today’s low mortgage rates on your dream home, PMI Buster could be right for you. The PMI Buster can completely eliminate your monthly PMI payment so you never have to worry about it.

Here’s how PMI Buster 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.
  • Because of the way the mortgage insurance is paid, you’ll maximize your tax deduction (remember to check with your tax advisor before making any tax-related decisions).
  • PMI Buster is available on most of our conventional loans.

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% 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 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 your Loan-to-Value in your property is 78%.

Quicken Loans provides options to significantly reduce or eliminate your PMI. If your goal is to get the lowest payment possible, our PMI Buster option 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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