Dallas Texas Mortgage Rates: Avoiding PMI with only 5% down payment?

Texas Mortgage Refinance Company:  Avoiding Private Mortgage Insurance (PMI) when you only have 5% down. 

• Our Dallas Phone Number is:  972-325-2120 or email us!

As a licensed Texas mortgage company we help lots of people with their NO PMI home loans or refi’s.  Even if they only have 5% down!

Did you know that most of our NO-PMI mortgage clients don’t put 20% down.  

For example we are currently helping a client in Houston, Texas who is putting down 15% and avoiding PMI, 30 year fixed rate:  4.875% NO POINTS.  ( By the way, Bank of America Home Mortgage is offering the same rate but they are charging 1.5% points to get that rate. )

 Why pay points when you can use www.Mylendingplace.com?

Our office is downtown, Austin--and we help people all over Texas

Our current NO PMI mortgage client has great credit, great income and simply wants to avoid PMI w/o putting the full 20% down because they are going to do some improvements to the home and want to keep some of their $$ handy.  

We are avoiding PMI by doing an 80% first lien and, in this example, a 5% second lien.  Remember, they are wanting to put 15% down….80 + 5% = and 85% loan.  

To top things off, our NO PMI client is not using realtors and avoiding the additional 3% mark-up that buyer’s agents typically add to the price of their home.  

Do YOU want to avoid PMI and avoid the added costs realtors add to the home buying process?  Call us!  Once you write the contract, the “home buying” process becomes a mortgage-event anyway! Why pay 3% or 3-points to a realtor to write a contract when you probably already know the exact street you want to buy!  Back in the day–before the internet–you really needed a realtor, now most people don’t…most people already know the area they want to buy in–and in some cases, people know the area better than the buyer’s agent.   Go online look at the tax value, write the sales contract yourself,  let us do your home loan.

Why inflate your home’s sales price by having two 3% realtors?  It always amazes me how really smart people will gladly pay 6% to 2 different agents to write a sales contract but hammer the mortgage guy over a $20 credit report! 

Or think of this way:  Let’s say I “only” charged you 3%  or 3 points for my mortgage loans—would you use www.mylendingplace.com?  Probably not.  What if Iwere your nephew?  NO!  So why pay a realtor 3% to write your contract?  If you wouldn’t pay the points to a mortgage guy/gal then don’t pay a realtor guy/gal.   (end of sermon :)

Conventional or FHA?  It today’s mortgage market I would highly encourage you to compare an 3.5% down FHA loan to a 5% down, no-pmi loan.  Even though it might be tempting to go FHA because they are “only 3.5% down”–when you look at the numbers the conventional loan is almost always the best choice, assuming you have good credit.  If you don’t good credit, FHA is your friend.

 The no-pmi mortgage not only allows you to avoid PMI, but it also gives you a much lower payment than FHA because with a conventional or no-pmi 80/15 loan, you avoid the upfront mortgage fee.

Not to mention you can waive escrows with a No-pmi 80/15 or 80/10.   And if you’re are doing a jumbo Texas mortgage, having a second lien allows us to keep the loan under the $417,000 loan limit.   If you don’t know what I mean by jumbo mortgage-give me a call!  

Whether you are buying a home, refinancing, buying an investment property, or doing a home equity loan to consolidate debt, give us a call and let us make your home super simple. 

Mylendingplace.com

• No points
• No pmi
• Close in 30 days
• Great Fixed Rates
• No Application Fees
• Texas-based mortgage company.

And best of all……..Always talk to a real live human when you call. :)

If you’d like more information regarding a Texas refinance or a home equity loan please call us at 512-996-8194

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