Products
 Down
Payment
Down Payment Options
Looking
for a down payment choice that is less than a traditional down payment?
One of our down payment programs can allow you to limit the amount
of cash you will need for closing. |
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| Lender Paid Mortgage
Insurance |
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With our Lender Paid Mortgage Insurance(LPMI),
the cost of mortgage insurance is included in the interest rate. This
provides you with a lower overall monthly payment than would traditionally
be required with other mortgage insurance options. It also potentially
provides you with a larger tax deduction because the cost of the insurance
is reflected in your interest rate versus being treated as a separate
non-tax deductible monthly fee.
Lender Paid Mortgage Insurance is recommended to borrowers who: |
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Are interested in making a smaller
down payment or have low equity in their current property. |
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Want to reduce their overall monthly payments while
potentially increasing their tax deductibility. |
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| Combo Loan Option |
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By combining a first mortgage and a
home equity loan, you can bypass the added expense of mortgage insurance
while making a lower down payment. When purchasing a larger home with
a smaller first mortgage, this can be an effective strategy to lower
your first mortgage interest rate. With the combo loan option, you
may avoid the higher interest rate typically associated with a jumbo
loan.
A Combo Loan is recommended to borrowers who: |
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Are first-time homebuyers and may
not have the available funds to make a large down payment. |
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Have investments and would rather
use a home equity loan as a down payment instead of liquidating their
investments. |
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Look to reduce their overall monthly mortgage payment
by eliminating mortgage insurance requirements. |
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| Consult your tax advisor regarding
the deductibility of interest expense and tax related questions. |
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