First-Time Homebuyers Can Get Reduced Mortgage Insurance
Most Mortgage Professionals do not know or they do not use a product for first-time homebuyers that can get a borrower a lower monthly mortgage insurance and lots of times a lower interest rate (depending on their credit score). This is why I tell people time and time again that it isn’t what is your lowest interest rate but what is the best product for you. I don’t think too many borrowers look at the cost of their mortgage insurance and on a $100,000 loan it could be as $62.47 versus $97.08.
If you add the Mortgage Credit Certificate tax credit of $2,000/year your savings are exponential but if you were only looking at an interest rate you could miss out on these big savings and more importantly the cash being put in your pocket on a yearly basis.