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Lender Paid Mortgage Insurance Can Save You Money

Thursday May 25, 2017
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You might be able to save money on your monthly mortgage payment with lender paid mortgage insurance. How? If monthly mortgage insurance payments on a loan are required, a lender like Indigo Mortgage can pay your mortgage insurance premium up front, and pass on a slightly higher interest rate to you.

For example, let’s say you have a $200,000 loan that requires insurance. Adding insurance can add about $125 a month to your mortgage payment, but, if your lender pays it, then raises your rate by .25%, from say 4.25% to 4.5%, your payment only increases by $30. With lender paid mortgage insurance, the borrower saves almost $100 per month!

With today’s low interest rates, even if your interest rate were to increase by a small fraction of a percentage, you can still save money! Borrowers should call Indigo Mortgage to see if lender paid mortgage insurance is a good option for their situation. Just bring in your monthly mortgage statement and we can do a quick analysis of your options. Never assume your lender is giving you the best option or rate, do your research and shop around!

Indigo Mortgage is a locally owned and operated company, serving homebuyers in Albuquerque, Rio Rancho, Santa Fe and all across New Mexico. For questions about selecting a mortgage lender, contact Indigo Mortgage in Albuquerque at (505) 836-5700. Indigo Mortgage offers five mortgage divisions including Residential, VA Loans, Reverse Mortgages, Construction and Commercial. They are licensed by the Nationwide Mortgage Licensing System (NMLS #188348), and can provide loans anywhere in New Mexico.

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