Why MI?

While MI provides an obvious benefit to lenders, many times homebuyers will overlook the benefits MI affords them. These may include:       

• Buying a home sooner – a higher loan to value means less time is needed to save for a down payment
• Increased buying power – if you have a certain amount set aside for a down payment, using MI may help you afford more home than if you put 20% down
• Broader cash-flow options – you may choose to put less down and use MI rather than deplete your savings
• Cancel coverage – many MI options may be cancelled when no longer needed
• Receive a refund – some MI options allow for a prorated refund of premiums upon cancellation
• Tax-deductibility – depending on your adjusted gross income, your MI payments may be 100% tax-deductible
• Faster approvals – loans with MI typically are approved sooner than non-MI or government-backed structures