The differences between FHA and Private Mortgage Insurance.

Thinking about how to finance your new home? MGIC Monthly MI: The Best Choice from Day 1!

• Pay less in MI costs. Saves you thousands of dollars in MI expense by avoiding FHA’s upfront premium.
• Increase your equity; not your loan amount. With MGIC Monthlies, there is no need to increase your debt by financing the FHA upfront premium into the loan amount. MGIC MI puts you into a better equity position. At a 5% interest rate, it would take an FHA borrower 18 months to reach the loan balance that MGIC Monthlies provide right from the start.
• Lower or comparable monthly payments. MGIC’s new Credit-Tiered Monthlies make homeownership more affordable for borrowers with higher credit quality — those with FICOs of 720 or more.
• The chance to cancel sooner. MGIC MI allows borrowers to take advantage of any home improvements or appreciation, as most lenders allow a new appraisal to cancel MI. FHA does not.
• 95% loan to value available.

Contact me to find out more about this or any other subject if you want to buy, or sell, a home!