This week's topic is so important, but it makes some people's eyes glaze over. It is Mortgage Insurance. It is rare that a loan is made (that does not show 20% equity or down payment) and you don't see mortgage insurance. It is probably the most important thing to talk to me about when you call about a mortgage. It may be more significant than the interest rate. With all the defaults in the housing industry we have seen huge changes in MIP, PMI, Funding Fees, Guarantee fees etc. The only plus is PMI (which is the conventional loan version) is showing signs that are positive. For it you need 5% of your own money or equity and 720 plus credit scores. If you have that I can show you how to save money. But if you don't, it isn't worth waiting . You might miss these great interest rates.
Call me at 615-777-4663 or email me at george.margrave@migonline.com to discuss your options.
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