Episode 20 - 4 Ways To Get A Conventional Loan - 2/18/15
There isn't just 1 option when considering a conventional loan!
John breaks down the 4 different ways to structure a conventional loan when putting less than 20% down! Most lenders just quote a loan with monthly mortgage insurance. But there are ways to pay less per month and in some case avoid the mortgage insurance all together. Here are the options in order with the highest monthly payment at the top and the lower at the bottom:
Pay mortgage insurance monthly with each payment
Lender paid mortgage insurance
Two loans (80/15 for example)
Pay the mortgage insurance upfront in a lump sum
Each of these options has it's advantages and disadvantages. Listen in or call us for more info...