If you can’t come up with a 20 percent down payment, there’s an alternative that may save you money.
Mortgage insurance is required on any mortgage with less than 20 percent down (or 20 percent equity when refinancing). It covers the additional risk the lender assumes in accepting a smaller down payment. With Bluecastle Lending, a no mortgage insurance loan with just 5% down it’s an option that’s been growing in popularity and which can save you hundreds, even thousands, of dollars a year in mortgage costs. If you’ve got good credit or you are planning on a small down payment, we have this program available.
Let us help you realize your homeownership dreams the most economical way. Give us a call.