Financial Access, LLC "Property Ownership Within Reach" First Mortgages Pursuant to MLA · Purchases · Refinancing · Home Equity Loans Ph: 267-382-0690 Toll Free: 866-636-9300 LICENSED IN PENNSYLVANIA ONLY
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Case Studies The following information is provided to show you how Financial Access, LLC provides creative solutions for our borrowers with many different types of available lending programs (these scenarios are examples only and your situation may differ). Contact us today for help with mortgage lending in Pennsylvania (PA). Purchasing a Home with a 5% to 10% Down Payment and Private Mortgage Insurance You can buy a home now without waiting years to save for a larger down payment. PMI also applies to homeowners who are interested in refinancing their existing loan with a loan amount over 80% of the current property value. The premium is an additional amount to be paid every month with the regular payment of principal, interest, taxes and insurance. Click here for more about PMI. Lender Paid Mortgage Insurance If a borower finances over 80% of the loan, they are subject to mortgage insurance. Instead of paying an additional mortgage insurance payment each month, the lender pays the MI premium and charges a slightly higher interest rate. Homebuyers may find LPMI offers advantages over the more traditional borrower-paid MI. Click here for more about LPMI. Gift of Equity Gift of equity from a related person is a source of the down payment or portion of the down payment to purchase an owner-occupied property. Click here for the case study.