Eliminate the need for mortgage insurance

Abolishing the need to pay mortgage insurance is a major problem that all of us need to tackle. Mortgage insurance is required or included for any loan having less than 20% down payment. Mortgage insurance can be incorporated in the rate or it can appear as a separate item. Whatever may be the case, it is still compulsory to pay mortgage insurance. When it is included in the rate it is called the LPMI or “Lender Paid Mortgage Insurance”. The best way of getting rid of paying mortgage insurance if you choose to pay less than 20% down payment, is to finance all your purchases with two different loans.

Always have two mortgages, the first mortgage and the second one. Both these mortgages can be obtained from the same lender but it would be a better idea to get the second mortgage from a lender that deals in second mortgages. It is possible to receive better rates on the second mortgage from this lender. This can be made easier by hiring an independent loan broker.

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Both the first and second mortgages generally close around the same time and both the lenders know of each other’s existence. To make matters simpler, it would be better to combine both the loans in the same deed and sign them at the same time. It is not advisable to use two mortgages to get a full financing or no down payment contract. There are ways to do this but it is not recommended. The first mortgage will typically have a lower rate of interest than the second mortgage. There exist some home equity lines of credit or HELOC’s with interest rates that are only a tiny proportion above the main rate of interest. You are eligible to apply only if your credit scores are good. Having good credit scores can only be advantageous to you as the offers that these HELOC’s provide can be very attractive.

The only problem with a HELOC, which is based on the main rate, is that the rate should not go too high before it is paid off, as this could be disastrous. Since the early eighties, the main or prime rate can go up sky high. It happened in the eighties, it could take place again.

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Different lenders give out different interest rates when it comes to second mortgages and the difference in these rates can be very vast. Certain mortgage programs require ideal conditions when it comes to credit, income and assets. So if you are not qualified for a program, you may find it difficult to find a good rate of interest. An independent loan broker is the ideal person to help you out if you come across any difficulties. These brokers check for all the various options regarding interest rates. Good brokers generally compare 4 to 5 different mortgage programs.

When using two different loans, always look for an interest only loan or a minimum payment loan when it comes to the first mortgage. In this way, you can pay attention to paying off the prime amount on the second mortgage over a period of 5 years. If this is not affordable, then acquire a second mortgage that has a 5 year fixed period and an interest only option. This way you can make payments that are very low for a period of 5 years continuously.