Why top real estate producers rely on Keith Brown

"Keith Brown is the Fairfax mortgage lender I've counted on for years. His pre-approvals stick, he uses local appraisers, and his loans close on time." Learn more »

Why homebuyers trust Keith Brown

"Keith Brown got us a great rate on the right type of loan. When there was an underwriting issue, he solved it so we closed on time with no surprises." Learn more »

Call Keith at 703-449-6821 or GET STARTED TODAY!

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Which type of home loan or refinance is right for you?

How much mortgage can you afford? Are you eligible for a VA or FHA loan? What type of conventional mortgage programs might answer your needs? Are 5-7 year ARMs worth considering? What is a jumbo mortgage and what rate differences apply? How can I reduce or work around expensive Mortgage Insurance with a downpayment of less than 20%.

To find the right answers, Keith Brown looks at your credit, income, debt and how long you plan on being in your home.  He can then draw on the direct-lending resources of Intercoastal Mortgage to secure you the best rates and terms. You end up with a mortgage that’s the best fit for your budget and your plans for the future.

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Mortgage insurance

Mortgage Insurance (MI) is required on any Conventional (Conforming or Jumbo) loan with a down payment of less than 20% and is required on all FHA loans regardless of down payment amount.   The purpose of MI is to provide an insurance policy to the lender that covers the lender’s losses should the borrower default on the loan.  On FHA loans, the MI is provided by HUD.  On conventional loans, the MI is provided by private companies like UGIC, MGIC, Genworth and others.  Thus the MI on conventional loans is referred to as Private Mortgage Insurance. 

Conforming Conventional loans grant the borrowers a variety of options to pay the MI costs.  Note: MI costs do vary with credit scores, debt ratios and down payment amounts.  Of equal importance is that MI costs can vary significantly from one mortgage company to the next.  If looking at conventional loans with less than a 20% down payment, be sure to shop not only the interest rate but the actual MI costs and options available.  Not all lenders offer the below variety of MI options.  If placing less than 20% down, be sure to know what your MI costs and options are!

Monthly Mortgage Insurance:  the MI cost is paid on a monthly basis as part of the mortgage payment.  The actual cost goes down the larger the down payment and the higher the credit score.  

SinglePremium Upfront Mortgage Insurance: this very attractive option allows the buyer to pay the MI cost in the form of a one-time single upfront premium, thus eliminating the monthly cost.  Typically, if comparing the one-time upfront cost versus the monthly cost, the breakeven is only two to three years.  You can also use seller contributions or lender-credits to help pay the upfront premium.  The premium amount can vary significantly based upon the credit scores, down payment amount and debt ratios with significant discounts for higher well-qualified borrowers. 

Lender-Paid Mortgage Insurance (LPMI): often referred to as “No-MI” loans, LMPI loans have neither an upfront Mortgage Insurance premium nor any monthly premiums.  The MI cost is instead built into the interest rate of the loan with the MI cost funded through the higher interest rate.  This is a good alternative to the SinglePremium option as it allows the borrower to avoid the one-time SinglePremium upfront cost.  While the interest rate is higher, typically the payments are still considerably cheaper the payment of monthly MI.  Thus this option is considered preferable to the payment of traditional Monthly MI.  LPMI is the most popular program for borrowers with high credit scores.