How can you borrow up to 97% LTV without any monthly PMI/MI?

Monthly mortgage insurance. PMI. MI. MIP. There are several different names for it. Mortgage insurance insures the lender if you default. Can you get rid of monthly mortgage insurance? Yes! Do you need 20% equity on a refinance, or 20% down on a purchase? No!

Features of the “No Monthly MI” Loans

  • Lower Monthly Payments
  • Fixed Rate, Conventional Loan
  • Ideal for those who will keep their loan and/or home for less than 10 years
  • Purchase with as little as 3% down payment
  • Refinance with as little as 3 to 5% equity
  • Excellent for first-time homebuyers
  • No Cost Purchase and Refinance Options Available
  • No credit check is required to get a free, personalized, no-obligation quote.
  • Never any prepayment penalties


If you put less than 20% down on a conventional purchase loan, or don’t have 20% equity on a refinance, you used to be forced to pay monthly mortgage insurance. If you got an FHA loan to buy or refinance a home after June of 2013 and you put less than 10% down, your mortgage insurance will never go away. Mortgage insurance is permanent for the life of an FHA loan. Sure, your interest rate may be in the threes, but the effective rate, once you blend in the cost of the PMI, is much higher—usually around 5% or more.

LendRight Mortgage has Utah mortgage loans without the wasteful monthly mortgage insurance. You can finance up to 97% of the purchase price, by putting as little as 3% down and get a fixed-rate conventional mortgage loan without monthly mortgage insurance.

If you’re refinancing, you need as little as 5% equity in your home to get rid of your monthly MI. If you understand the time value of money, just an extra $50-100 each month going toward your mortgage balance, into an investment account, or towards high-interest debts—like credit cards—can have a big effect over time. You can literally save tens-of-thousands by putting that extra money to work for you. It’s small decisions like this that add up to a lot over time. Even if you just use the money to do something fun with it, like go to Hawaii, it’s better than wasting that hard-earned money on monthly mortgage insurance.

What’s the catch?

You must have good to excellent credit (usually 720+), so you’re a low risk to the lender. In lieu of paying the monthly mortgage insurance premiums, you’ll pay a slightly higher interest rate. In most cases, the monthly payment will be lower than it is compared to a loan with monthly mortgage insurance. So, for those who don’t plan to keep their current mortgage and/or their home for at least 10+ years, a loan with no monthly mortgage insurance, and a lower monthly payment, can save you thousands. LendRight Mortgage can help you do the math and recommend the right loan for your circumstances.

Call 801-APPROVE and we can run the numbers for you for free. Whether you’re buying a home in Utah, or want to see if refinancing to a loan without monthly mortgage insurance makes sense—we’ll give you the numbers and advice to make the best choice.

We don’t need to pull your credit. It only takes a few minutes and could save you thousands of dollars. These are conventional, fixed-rate loans. There are no hidden strings or catches. Gone are the days when you needed a 20% down payment on a purchase or 20% equity on a refinance to avoid the expensive monthly mortgage insurance. Most banks and credit unions do not offer these loans. They like your money too much! They like being insured against default. You can choose the lowest rate, with our ultra-low closing costs, or you can choose a no-cost refinance. We’ll give you the options and help you decide which is the best choice for your circumstances.

Call us, or fill out the quote request form on this site. We’ll give you a quote right over the phone and then email it to you. No monthly MI loans are just one of the many ways LendRight Mortgage can save you thousands on your mortgage, and just one more way we crush banks and credit unions!