UWM launches MI Buster, eliminating mortgage insurance for borrowers who put more than 10% down
Lender’s new exclusive purchase gives borrowers more purchase power
Pontiac, November 17, 2021 – United Wholesale Mortgage, (UWM), the #1 wholesale and purchase lender in America, announced today the launch of MI Buster, an exclusive purchase product that eliminates mortgage insurance (MI) for borrowers who put as little as 10.01 percent down.
With traditional MI, borrowers had to put at least 20 percent down on their home to eliminate it. With MI Buster, they can now put less down, and not be required to pay mortgage insurance. This product is available for conventional purchase loans starting at $200,000, as well as high balance loans with an LTV between 80.01 and 89.99.
The UWM-exclusive product provides a competitive advantage for independent mortgage brokers, allowing them to save their borrowers money on their monthly mortgage payments. With mortgage rates on the rise, the elimination of MI can also help borrowers, including first-time homebuyers, get more home for their money, along with a more manageable monthly payment.
“As rates tick up, and we shift to a purchase market, UWM continues to offer innovative solutions to help borrowers get into their dream homes,” said Mat Ishbia, president and CEO of UWM. “MI Buster allows independent mortgage brokers to put the purchase power back in borrowers hands. By avoiding mortgage insurance with less money down, borrowers can now decide if they want to use those savings to purchase more home, have a lower monthly payment or maybe both.”
UWM is singularly focused on giving mortgage brokers a competitive advantage in the mortgage industry. MI Busters follows the launch of Prime Jumbo ARMS, Appraisal Direct and BOLT.
UWM supports independent mortgage brokers with industry-leading training, technology and service. For more information on how to sign up as a broker with UWM, visit www.UWM.com.