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Loans Without Private Mortgage Insurance (PMI)

Oh, the dreaded "PMI". If you put less than 20% down, you have to deal with the fact that you may have to pay private mortgage insurance. This insures the lender that you will make your monthly payment, and does nothing for you. If you don't have 20% to put down, you still can avoid PMI by doing a combo loan (80% first mortgage and 10-15% second mortgage), or use one of our PMI programs where we pay the mortgage insurance premium for you.

Certain factors contribute to how much expense is added to your monthly payment due to PMI. These factors include loan amount, amount of down payment, and credit score. As an example, let's assume you put 5% down and have good credit. If you borrow $200,000, your monthly PMI expense would be $130.00. So, as you can see, it can be a relatively substantial cost.

Once again, this is a pretty complicated decision, so have one of our mortgage specialists show you the benefits of each different option.

All offers of credit subject to approval.

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Aliant Bank, a division of USAmeriBank, 1100 Corporate Parkway, Birmingham, AL 35242
p: 205.823.1727; 800.823.1727 . e: almortgageinfo@aliantbank.com

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Aliant Bank is a division of USAmeriBank. USAmeriBank, NMLS ID 456668 Member FDIC and Equal Housing Lender, is chartered in the State of Florida and operates in Florida and Alabama. USAmeriBank and Aliant Bank are not separately FDIC-insured banks. The FDIC coverage extended to deposit customers is that of one insured bank.