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For buyers always who want No Monthly Mortgage Insurance added to their payment!
Monarch Mortgage is a EQUAL HOUSING LENDER
At Monarch Bank we always have our clients best interests at heart, one product that we continue to attract the better borrowers with is our No Monthly Mortgage Insurance (PMI) product. The way it works is we shop the MI portion of the loan to value you're looking for with MI companies that offer a smaller premium up front vs having it spread out for years. The end result is lower payment with No Monthly Mortgage Insurance added and not having to deal with getting PMI eliminated later on. The breakeven for the PMI single premium vs paying it monthly varies between 24 and 40 mos. Compare that to having PMI on your house payment for 8,9 or 10 yrs and most all buyers want it. We help our Realtor partners with the numbers in negotiating the seller paid concessions and in many cases its no extra cash for the buyer at closing. Many of our clients aren't even aware that a no monthly Mortgage Insurance product even exists.
Many larger banks have agreements with only one MI company, we shop to find the best No Monthly Mortgage Insurance single premium product out there to help you acheive the lowest payment for what your trying to do. Monarch Bank lends out of our deposits so we can offer in house underwriting, processing, and closing. Realtors and Clients love the communication every step of the way from pre approval, negotiations, underwriting and closing!
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