Are you wondering if you can refinance without additional cost? Due to the misinterpretation of lending regulations, many lenders can no longer accomplish this for you. We have maintained a relationship with a lender who, in the best interest of the customer, allows no cost refinances to lower rates. This means the monetary credit you receive from the lender is sufficient to pay all of your closing cost and still lower your interest rate. The David M. Damaré Team has accomplished this for most of our clients, and even more than once for the same client. Call if you are interested in pursuing a lower rate at no cost.
Can you get up to 95% financing with no Mortgage Insurance (MI)? Yes, it is possible in today’s lending environment to purchase a home with as little as a 5% down payment. You must be well qualified with impeccable credit, all three credit scores above 740. Otherwise, it is expensive or not possible at all.
No Mortgage Insurance. If your loan amount is greater than 80% of the purchase price or appraised value (whichever is lower) of your home, you are paying for Mortgage Insurance. Either you are paying a monthly premium that is tacked on to your PITI payment, Principle, Interest, Taxes and Insurance, or you are paying for a one time up front mortgage insurance policy at closing, or a combination. “No MI” means you have paid for an upfront mortgage insurance policy at closing with a higher interest rate or the cost has been added to the loan amount, a practice to which I am opposed.
With impeccable credit and historically low interest rates, selecting a slightly higher, yet still competitive, interest rate allows me to purchase a single premium, upfront mortgage insurance policy. This keeps out of pocket cost down, and the mortgage payment is lower in comparison to adding monthly mortgage insurance to it, and in many cases it preserves the ability to deduct the largest possible amount of mortgage interest from income taxes each year.
If you are single making over $109,000/year or married making over $54,500/ year, you are not allowed to write mortgage insurance off of your taxes.
“Mortgage Lending is Our Business: Customer Service is Our Passion.”
Stay tuned and stay in touch with your mortgage professional. Thank you for the opportunity to serve you. David. 919.851.0999.
Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’. All rights reserved.Tags: mortgage loans, refinance a home, refinance home loans