Eliminate monthly private mortgage insurance payments to save money.
Lower Your Monthly Payment
Removing PMI from your monthly mortgage payments can make it easier to afford a more expensive house even if you haven’t saved 20% for a down payment.
Free Up Cash
Since you won’t have to put 20% down to avoid monthly PMI payments, you’ll have more cash for home upgrades, repairs, new furniture – or anything else you have in mind.
PMI Advantage will raise your interest rate slightly, but it can still save you money in the long run.
How Private Mortgage Insurance (PMI) Works
If you have less than 20% for your down payment, or if you have less than 20% equity when refinancing, you’ll probably be required to pay PMI as a fee that gets added to your monthly mortgage payment. PMI can add hundreds of dollars to your monthly payment amount.
Most people can’t afford a 20% down payment, so paying PMI is common. That’s why Quicken Loans provides options to help clients with conventional loans – including the YOURgage® – reduce or eliminate their PMI payments. If your goal is to get the lowest monthly mortgage payment possible, our PMI Advantage program could be right for you.
There are two ways PMI Advantage can work:
- Instead of paying PMI as part of your monthly mortgage payment, we can raise your interest rate slightly to cover the cost of PMI.
- You can also choose to pay your PMI as a one-time payment at closing, which can be a great choice if the seller is willing to help cover the costs.
Whichever way you choose, you’ll get a lower monthly mortgage payment and save money in the long run.
Why You Should Choose Quicken Loans
- We’re the nation’s #1 online lender.*
- Our Home Loan Experts are available to answer your questions and help you understand the details so you get the right mortgage for you.
- After you close your loan, you can manage your mortgage online without any hidden fees.