Mortgage insurance allows Sonoma County home buyers to purchase property with less than 20% down payment. Banks only want to lend you money if you have the required down but if you pay for insurnace to cover the differnce, you can put less down.
If you are currently looking for a Sonoma County home and not planning on putting down 20% then not only are you looking for the best service (that would be me) and rates and fees (also me) , you are also looking for which lender is going to offer you the best pricing in mortage insurance (obviuolsy ME). 2-3 years ago when California Real Estate was in a real tail spin, most Private Mortgage Insurance companies all but left the state. Getting insurnace on a 5% down loan was all but impossible. At the very least it was very expensive. The only option was the FHA, which is still agreat option for borrowers with less than 5% down. Now as Sonoma County Real Estate values are moving upward Insurnace companies are coming back to the market. If you can get to 5% down,which can include gift funds, Private Mortgage Insurance is a much better option than going FHA and the 3.5% down. There are many options, when considering PMI and I would be happy to sit down and talk with you about all of them. You have options. Is your current lender giving them all to you?
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