Mortgage 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.
You 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 low down payment loan may be the best way to afford a home in high-priced markets.
The 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 in 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.
181 Old Post Road
Southport, CT 06890
203.254.8422
679 Old Post Road
Darien, CT 06820
203.655.0477
152 Simsbury Road
Avon, CT 06001
860.676.8476
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