Why Taking Out Lenders Mortgage Insurance (LMI) Is Your Best Investment Ever! By Konrad Bobilak
Where Is Better Mortgage Located?
Better Mortgage, a digital mortgage lender, is headquartered in New York City, New York. It has offices, partner organizations, and partnerships in cities across the United States, from Los Angeles to Boston. Better Mortgage was founded in 2016 with the mission to make homeownership more affordable and accessible.
Better Mortgage is different from other lenders because it has an entirely online mortgage experience. It offers a variety of mortgage products, from conventional loans to VA and FHA loans, and it provides customers with the ability to “lock in” their interest rate and submit loan documents electronically. The company is also focused on providing the best possible customer service, with 24/7 customer support and a team of experienced loan officers available to answer questions and help customers through the mortgage process.
Better Mortgage is licensed to operate in 47 states across the country, including Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Massachusetts, Michigan, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and Washington. It has also partnered with several organizations, including the National Association of Realtors, the National Association of Hispanic Real Estate Professionals, and the National Urban League.
Better Mortgage is committed to providing customers with an easy, transparent, and customer-focused mortgage experience. It has a variety of tools and resources to help customers understand the mortgage process, including calculators, educational blog posts, and an online community. The company also offers a range of customer service options, from phone and email support to live chat and in-person meetings.
In addition to its headquarters in New York City, Better Mortgage also has offices in Los Angeles, California, and Boston, Massachusetts. The company is also expanding its presence in other cities across the United States.
• Better Mortgage is headquartered in New York City, New York.
• It has offices, partner organizations, and partnerships in cities across the United States.
• Better Mortgage is licensed to operate in 47 states across the country.
• The company offers a variety of mortgage products and has an entirely online mortgage experience.
• In addition to its headquarters in New York City, Better Mortgage also has offices in Los Angeles, California, and Boston, Massachusetts.
People Also Ask:
Q: Where is Better Mortgage headquartered?
A: Better Mortgage is headquartered in New York City, New York.
Q: What states is Better Mortgage licensed to operate in?
A: Better Mortgage is licensed to operate in 47 states across the country, including Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Massachusetts, Michigan, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and Washington.
Q: Does Better Mortgage have offices in other cities?
A: In addition to its headquarters in New York City, Better Mortgage also has offices in Los Angeles, California, and Boston, Massachusetts.
Where Is Better Mortgage Located – Best Deal Right Now?
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Here is what you will learn by watching this video:
Whenever investors borrow above 80% LVR in order to buy an investment property, investors will have to pay Lenders Mortgage Insurance (LMI) for the privilege of doing so. At the time of writing this, the highest LVR offered in Australia via standard main stream lenders was 95% LVR plus LMI capitalised, equating to 97% LVR which includes the LMI premium.
Essentially, LMI simply refers to an insurance premium that is payable by the borrower, on behalf of the mortgagee, protecting the mortgagee against an event whereby the borrower defaults on their mortgage, dies during the mortgage or becomes unable to make repayments on the mortgage.
In Australia, there are two main LMI insurers used by most of the financial institutions and banks, namely, Genworth Financial and QBE. LMI is generally applicable on any loans over 80% LVR and 60% LVR for Low Doc loans. Having said that, some non-bank lenders, especially those offering non-conforming loans to the credit impaired sector, obtain LMI for every loan, irrespective of the LVR. In the event that a default occurs and the mortgagee (bank or lending institution) has to sell the property, any shortfall, less expenses, is insured by LMI.
LMI premiums vary depending on the loan amount; the higher the LVR the higher the premium charged. In the case of borrowing 81% LVR on a property purchased the LMI premium might be 0.3% of the total loan amount, compared to 95% LVR where the LMI premium may be as high as 3.5% of the total loan amount. So, to put that into perspective, on a $600,000 purchase, at 81% LVR the premium would be $1,458 ($600,000 @ 81% LVR = $486,000 x 0.3% = $1,458), on a 95% LVR the premium could be as hight as $19,950 ($600,000 @ 95% LVR = $570,000 x 3.5% = $19,950).
The question often arises, is it worth paying Lenders Mortgage Insurance premiums and borrowing above 80% LVR or is it better to structure a purchase with a 20% deposit and avoid LMI?
Well, it depends on your overall investment strategy, chosen time horizon for investing, available resources and equity or cash savings at hand when making this decision.