Help borrowers reshape their old way of thinking
Many borrowers believe 20% down on their home purchase is their only option. But you know it’s not.
Take this opportunity to reinforce your role as a Trusted Advisor by offering a slightly different angle to your borrowers who have 20% to put down: Ask them to consider putting 15% down instead.
Their monthly principal and interest payment will go up a bit, and they’ll need to purchase a small amount of MGIC mortgage insurance. BUT they get to hold on to the difference… in their savings… for investing… for making home improvements.
The effects of moving from Point A to Point B
- By putting 15% down instead of 20%, borrowers actually save money on GSE delivery fees
- Using that discount in combination with MGIC borrower-paid single or monthly premiums provides a wealth of opportunities for borrowers at minimal cost
See the math
See examples of how the difference in GSE delivery fees in combination with MGIC MI can truly make 15 greater than 20 for some borrowers.
15 is greater than 20: MGIC Monthly MI
Putting down 15% instead of 20% can help borrowers retain funds they can use to make improvements right away.