360 Mortgage Group Launches No Mortgage Insurance Loan Product

360 Mortgage Group, a privately owned mortgage banker that specializes in third-party origination, is offering a product designed for borrowers who qualify for less than 20% mortgage downpayment loans.

What makes the new No Mortgage Insurance Loan unique, according to president and founder of 360 Mortgage, Mark Greco, is that it offers borrowers “an opportunity to benefit from low interest rates without having to pay mortgage insurance.”

The objective, he said, is to simultaneously make homebuying more affordable and generate new business for third-party originators.

Differently from traditional no-insurance loans, it enables homebuyers to better control potential interest-rate adjustments or other price inflations on their mortgage insurance payments.

Many lenders “add on a pricing adjustment that increases the borrower’s interest rate and overall cost of owning a home,” explains Greco, so to make homeownership more affordable for these buyers the 360 Mortgage Group gives mortgage brokers the opportunity to help homebuyers save thousands of dollars.

The product has no pricing inflation or adjustments to interest rates. To qualify borrowers must have a credit score of at least 740 and loan-to-value rates of up to 95%.

It is applicable for purchase transactions only, not loan refinancing, and is limited to owner-occupied properties.