Considering a large down payment?

The Primary Benefit of a 20% down payment is that mortgage insurance will not be required.

Private Mortgage Insurance (PMI) rates are based on the percentage of down payment and credit scores. Premiums are inexpensive for those with high scores and increase substantially as the score decreases.

For example, a person with a 760 median score with 10% down will pay roughly .25% per year for PMI. Using $400,000 as a loan amount that would translate into about $70/month. A 710 score would require more than twice that much, and as you get into the 600's it rises dramatically.

High credit score borrowers sometimes opt for a lower down payment as low cost of mortgage insurance is a good motivation for keeping the cash invested elsewhere.

Foundry Mortgage GUARANTEE:

If you're like most people, you want expert advice and the best deal. That's our mission! Once you've done your online research, call us to complete your home finance education. And, if we don't have the best deal when you're ready to lock in your interest rate, we'll transfer all paperwork to your lender of choice at your request. No cost or obligation. Call now to validate the "best advice" part of the agreement - you'll know within 5 minutes that we are qualified to be your expert home loan advisors. We are available 7 days 8am - 9pm.

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"To assist others in making the best home financing decisions, at the lowest cost and interest rates available."

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800.640.3050    info@foundrymortgage.com
5975 Shiloh Road
Ste 114-13
Alpharetta, GA 30005
NMLS 1737164 Georgia Residential Mortgage Licensee 62261