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.
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 as little as 3% down, that's $9,000. By putting less down, you could save as much as $51,000 for home upgrades, renovations, repairs, new furniture - the possibilities are endless!
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.
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.
How It Works
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, 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 home-ownership solution that traditional mortgage insurance doesn't offer.
Here's how PMI Advantage works:
- 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 mortgages.
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.