Benefits of Mortgage Insurance

Mortgage insurance is another tool to add to your toolkit to help establish an affordable path to homeownership for more borrowers.

Lower Costs

  • Borrowers can put as little as 3% down
  • Competitive rates
  • Flexible terms and payment options 

Faster Closing

  • Requires less paperwork than FHA loans
  • Fewer steps mean more efficient processing time
  • Borrowers can move in faster

Easy Cancellation

  • Private MI is temporary compared to government-insured loans
  • Borrowers may cancel after building enough equity

Tax Deductible*

Eligible homeowners with annual adjusted gross incomes of $100,000 or less can deduct their MI premiums from their federal income tax returns through December 31, 2020. Homeowners with incomes between $100,000-$109,000 are eligible for a reduced tax break.

 

*Homeowners should consult their tax advisors to determine if they’re eligible to claim the MI deduction.