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Are you a first time home buyer that has questions about mortgage insurance when buying a house? What is mortgage insurance? Who has to pay mortgage insurance? Who does mortgage insurance protect? Is mortgage insurance the same for all loan types? In this episode, we are going to give you mortgage insurance 101 when buying a home in addition to discussing when you can get rid of mortgage insurance once you have it so that we can help you become The Educated HomeBuyer.
✅ - Want to get connected with us or to a local expert in your market, please reach out at http://www.theeducatedhomebuyer.com/expert
📧 - Join Our Free Community - https://educatedhomebuyer.circle.so/join?invitation_token=3d978b36ae3df35120fd1dbad793c5afc0c027da-116130ee-51ad-4611-a48a-f6f2b39f3c1c
Example We Discussed:
What’s it look like for a minimum down, median purchase $467,700 (Q4 2022
FHA -
$451,331 base loan
Add UFMIP of 1.75% - $7898
Total loan amount - $459,229
Monthly MI - $210
Conventional 3%
$453,669 loan
2 borrowers - SFR - 740 - dti under 40% - .47% - $177.69
1 borrower - SFR - 680 - dti under 40% - 1.35% - $510.38
Conventional 5%
$444,315 loan
2 borrowers - SFR - 740 - dti under 40% - .30% - $111.08
1 borrower - SFR - 680 - dti under 40% - 1.03% - $381.37
VA - No monthly MI
USDA
$467,700 base loan
Add UFMIP of 1.0% - $4677
Total loan amount - $472,377
Monthly MI - $137.78
Connect with me 👇 Josh Lewis (Huntington Beach Certified Mortgage Expert) DRE 01209148 Buywise Mortgage M:714-916-5727 E: [email protected] ➡I N S T A G R A M ➳ https://www.instagram.com/borrowsmartjosh ➡Y O U T U B E ➳https://www.youtube.com/c/buywiseborrowsmart
👕 - Merch - https://jebsmith.myspreadshop.com/
🙏 If you found any value today, please be sure to rate and review us. Follow us on social media. Thanks for listening.
By The Educated HomeBuyer4.7
5959 ratings
Are you a first time home buyer that has questions about mortgage insurance when buying a house? What is mortgage insurance? Who has to pay mortgage insurance? Who does mortgage insurance protect? Is mortgage insurance the same for all loan types? In this episode, we are going to give you mortgage insurance 101 when buying a home in addition to discussing when you can get rid of mortgage insurance once you have it so that we can help you become The Educated HomeBuyer.
✅ - Want to get connected with us or to a local expert in your market, please reach out at http://www.theeducatedhomebuyer.com/expert
📧 - Join Our Free Community - https://educatedhomebuyer.circle.so/join?invitation_token=3d978b36ae3df35120fd1dbad793c5afc0c027da-116130ee-51ad-4611-a48a-f6f2b39f3c1c
Example We Discussed:
What’s it look like for a minimum down, median purchase $467,700 (Q4 2022
FHA -
$451,331 base loan
Add UFMIP of 1.75% - $7898
Total loan amount - $459,229
Monthly MI - $210
Conventional 3%
$453,669 loan
2 borrowers - SFR - 740 - dti under 40% - .47% - $177.69
1 borrower - SFR - 680 - dti under 40% - 1.35% - $510.38
Conventional 5%
$444,315 loan
2 borrowers - SFR - 740 - dti under 40% - .30% - $111.08
1 borrower - SFR - 680 - dti under 40% - 1.03% - $381.37
VA - No monthly MI
USDA
$467,700 base loan
Add UFMIP of 1.0% - $4677
Total loan amount - $472,377
Monthly MI - $137.78
Connect with me 👇 Josh Lewis (Huntington Beach Certified Mortgage Expert) DRE 01209148 Buywise Mortgage M:714-916-5727 E: [email protected] ➡I N S T A G R A M ➳ https://www.instagram.com/borrowsmartjosh ➡Y O U T U B E ➳https://www.youtube.com/c/buywiseborrowsmart
👕 - Merch - https://jebsmith.myspreadshop.com/
🙏 If you found any value today, please be sure to rate and review us. Follow us on social media. Thanks for listening.

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