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Why mortgage insurance makes sense
Private mortgage insurance enables borrowers to gain access to the housing market more quickly, by allowing down payments of less than 20%, and it protects lenders against loss if a borrower defaults.
For the Borrower, private mortgage insurance can provide:
- Access to the housing market more quickly, by reducing the required down payment
- Tax deductible premiums for eligible borrowers
- Range of payment options
- Cancellation of Borrower-Paid MI (unlike FHA insurance)
For the Lender, private mortgage insurance can provide:
- Broader range of loan products
- Expanded pool of buyers with lower cash requirements
- Wide range of insurance products
- Faster, easier closes
The ability to originate loans for borrowers with less than a 20% down payment is critical to serving first time homebuyers and expanding the opportunity of homeownership.
With affordable home prices and low interest rates, this is a great time for buyers to enter the market. Private mortgage insurance allows buyers to purchase homes sooner while providing safer loans for lenders.