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PMI's Lowering Your Down PaymentHow To Buy the Home You WantMortgage insurance (MI) allows you to choose from a wider price range of homes. How? Lenders are generally willing to accept a lower down payment than the standard 20% if the lender obtains mortgage insurance on your loan through a mortgage insurance company. You can not only get the home you deserve, but you can conserve your savings and increase your income tax deductions, just by putting less money down. Buy More HomeYou can afford more home and maximize your investment if your lender obtains MI for your loan. Without MI With MI Down Payment 20% 10% 5% Your Available Savings $10,000 $10,000 $10,000 Maximum Home Price $50,000 $100,000 $200,000 Financing a home with a low down payment loan may be the best way to afford a home in high-priced markets. Conserve Your SavingsThe lower the down payment, the more you retain for home furnishings, other investments, future emergencies, or even college tuition. Without MI With MI Home Price $100,000 $100,000 $100,000 Down Payment 20% 10% 5% Cash Down Payment $20,000 $10,000 $5,000 Savings $20,000 $20,000 $20,000 Savings Retained $0 $10,000 $15,000 Even if you have less than $20,000 saved, you can still afford to buy a $100,000 home with a lower down payment option if your lender obtains MI on your qualified loan from a mortgage insurance company. Increase Your Tax Write-offA larger loan amount will have higher interest payments and could result in higher tax deductions. Mortgage interest is one of the few remaining consumer debt items that you can deduct. |
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North Atlantic Mortgage Corp 1011 High Ridge Rd. Stamford
CT 06905
Licensed
Mortgage Banker, CT Banking Department *Registered Mortgage Broker, NYS
Banking Department *Loans Arranged Through Third Party Providers |
