The MI On Us loan is designed to help borrowers afford the home they deserve with the potential for lower down payments and monthly payment, along with potential tax benefits.
San Jose, CA (PRWEB) June 25, 2013
San Jose mortgage lender Western Bancorp has announced the launch of a new loan program called “Mortgage Insurance (MI) On Us." The financing is designed to provide more options and money-saving opportunities for California borrowers.
As California’s housing market recovers and mortgage rates edge up, many homebuyers are considering whether the time is right to buy a home. Buyers with less than 20 percent down payment who are seeking conventional (non-government) loans are running into the realities of Mortgage Insurance (MI). MI is typically required by lenders when borrowers have less than 20 percent down payments to purchase their homes.
For some borrowers, MI could increase out-of-pocket costs and monthly payments. For these reasons, Western Bancorp is introducing a new loan product called MI On Us. The MI On Us loan may be appropriate for borrowers who are likely to move or refinance within a few years, or who simply prefer a lower monthly mortgage payment.
"We are seeing many borrowers who have solid careers, strong income and good credit," said Western Bancorp CEO Rick Soukoulis. "Those borrowers can afford to purchase and maintain homes. They should have the opportunity to purchase a home with a reasonable down payment. The MI On Us loan is designed to help borrowers afford the home they deserve with the potential for lower down payments and monthly payment, along with potential tax benefits."
About Western Bancorp
Western Bancorp is a San Jose based mortgage company serving California borrowers for home purchase and refinancing loans. Their experienced leadership team has closed more than 500,000 loans since 1986.
The company offers a large selection of loan products, including Fixed-Rate Mortgages, Adjustable Rate Mortgages (ARM), Home Equity Loans, Mortgage Refinancing, Jumbo loans and more at competitive rates. Western Bancorp began with the goal of creating a better loan source for California borrowers. As a mortgage bank that only lends in California, Western Bancorp understands state and local regulations and how they affect local borrowers.