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Starwest Mortgage Corporation
1818 E. Southern Ave, Suite 15C
Mesa, AZ  85204

Arizona: (480) 962-5665
Tucson: (520) 303-9406
Utah: (801) 214-1777
Colorado: (720) 644-8078
Fax: (480) 545-0586

NMLS 164496 Arizona MB
0905975 Utah 5941296-NMLC
Colorado Registered MB

Mortgage Insurance

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Mortgage Insurance Options For Conventional Loans

Consider the differences between the different private mortgage insurance (PMI) structures themselves. Monthly PMI, single premium financed, and lender paid all have their place. There are substantial benefits to each of these options depending on your overall financial needs.

This product is now the industry leader. In exchange for a slightly higher interest rate, the client avoids paying PMI insurance for the duration of the loan. Even though the higher rate remains for the extent of the loan term, this mortgage insurance option may provide the borrower with the lowest monthly payment (typically LTV’s of 97% or less).

Probably the most common PMI policy issued. Can often be the most expensive. Probably the worst deal for the client and is only really beneficial if the loan is going to be short-term in nature, or the borrower will have an accelerated equity position sooner rather than later.  While other plans do exist (such as annual) these are the three that are the most common and the pitfalls/benefits associated with them.

Perhaps the best kept secret in the industry. Why? Because many lenders don’t understand how it works.  Single Premium PMI allows you to finance the MI premium as a lump sum into the loan amount. This eliminates the need for monthly PMI and can give the borrower a substantially lower monthly payment. Yes, this is an acceptable form of mortgage insurance with Fannie and Freddie (works similar to the upfront mortgage insurance premium (UFMIP) for an FHA loan). The loan-to-value ratio (LTV) is calculated prior to adding the cost of the mortgage insurance premium to the loan (resembling UFMIP on FHA).



Starwest pays for all the closing costs associated with the transaction. None of these fees are rolled onto the loan balance. Learn More

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