Stop paying PMI with the PMI Eliminator from Shore Mortgage!
Many loan programs require homeowners to pay private mortgage insurance (PMI) as a part of their monthly mortgage payment. Our exclusive PMI Eliminator program eliminates the need for this extra monthly cost!
How do I know if I pay Mortgage Insurance?
If you are paying PMI, your PMI premium information will be listed on your monthly mortgage statement. These are very common loan scenarios where PMI is likely:
- You have an FHA loan and have been paying on it for less than 5 years.
- You put less than 20% down when you bought your home and still owe more than 80% of your home’s value (LTV).
Here’s How PMI Eliminator Works:
- You can purchase a home with as little as 3% down and you’ll never pay monthly mortgage insurance.
- When you refinance your home, your payment will drop because we’ve eliminated your monthly mortgage insurance expense.
This program is about offering you the lowest monthly payment possible!
Look at the potential monthly payment savings when you eliminate mortgage insurance with PMI Eliminator compared to an FHA loan with mortgage insurance:
| Terms | With Mortgage Insurance* | Without Mortgage Insurance** |
|---|---|---|
| Loan Amount: | $140,000 | $140,000 |
| Interest Rate: | 4.375% | 4.375% |
| APR: | 5.047% | 4.739% |
| Payment: | $833.36 | $699.00 |
| Monthly Savings | Up to $134.36 | |
*Payment Example is for a 30 Year Fixed Mortgage. The payment on a $140,000 loan at an interest rate of 4.375% and 85% loan-to-value (LTV) is $833.36, over 30 years/360 months. The Annual Percentage Rate (APR) is 5.047%. The Payment does not include taxes and insurance. The APR shown is for borrowers that meet certain credit criteria . P&I w/ 2011 M.I. factor at 1.10%.
** Payment Example is for a 30 Year Fixed Mortgage. The payment on a $140,000 loan at an interest rate of 4.375% and 85% loan-to-value (LTV) is $699.00, over 30 years/360 months, with 1 point due at closing. The Annual Percentage Rate (APR) is 4.739%. The Payment does not include taxes and insurance. The APR shown is for borrowers with a minimum credit score of 760.
** Payment Example is for a 30 Year Fixed Mortgage. The payment on a $140,000 loan at an interest rate of 4.375% and 85% loan-to-value (LTV) is $699.00, over 30 years/360 months, with 1 point due at closing. The Annual Percentage Rate (APR) is 4.739%. The Payment does not include taxes and insurance. The APR shown is for borrowers with a minimum credit score of 760.
Learn more about savings possibilities with the PMI Eliminator by talking with a Shore Mortgage Loan Officer at 855-SHORE-55 today!
