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How having 2 loans instead of 1 can SAVE you over $6,200 during just the first 60 months on Texas loans.
Conforming Loans (lowest cost) with Texas Mortgage Lenders that are 80.01% or more of the combined loan amount require PMI. PMI is Private Mortgage Insurance and is required by the lenders. It isn't tax deductible and doesn't lower your loan balance.
PMI can add cost to your loan the equivalent of 1%--equal to adding up to 1% to your interest rate--undisclosed.
So, let's say you have a 100% single mortgage with PMI at what sounds like a decent interest rate of 5.5%. Once you add PMI to the payment, the monthly payment is the same as if the interest rate was 6.5%. Yet PMI is never disclosed this transparently.
For TX mortgages pre-qualification, please click on:
Texas Mortgage Lenders
"How do I avoid PMI with Texas Mortgage Lenders?"
Simply keep your TX first lien to no more than 80% of the total loan amount. Make up the different with a second lien lender.
So a 90% combined loan becomes an 80-10-10 (the last 10% represents your down payment). A 95% combined loan becomes an 80-15-5 (5% down payment).
And a 100% combined loan becomes an 80-20 (no down payment).
When you figure the different in monthly payments over the first 60 months and the different in loan balances, the combined SAVINGS are usually well over $6,200 in just the first 60 months alone.
Unfortunately, many Texas lenders will NOT offer you these cost-effective second liens to avoid PMI. They don't like the extra work (2 loans instead of just 1) and they may not have the right second lien loan products.
Texas Mortgage Lenders--Please feel free to browse my website pages which provide you "insider" knowledge, helping you SAVE.
For TX home loan pre-qualification, please click on: Texas Mortgage Lenders
For any questions, please call or email me. You can email me by clicking : here.
You can reach me by calling (direct line): Paul Marshall
(214) ???-9626 or Toll-Free at 1 (888) ???-7830.
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