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Bye-Bye PMI

Save money on your mortgage every month

Now you can use a conventional mortgage and borrow up to 85% with no PMI! Bye-Bye PMI eliminates the monthly fee for private mortgage insurance (PMI) that you’d normally pay when you borrow more than 80% of your home’s sale price. That’s more loan for you without the additional continuing payment.

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How to calculate PMI

The cost of mortgage insurance varies based on your loan amount, loan-to-value ratio, and credit score. According to Freddie Mac, most borrowers pay between $30 and $70 per month for PMI for every $100,000 borrowed. Mortgage lenders typically choose the lowest cost mortgage insurance provider for their borrowers.

Qualify Bye Bye PMI

How to qualify for Bye-Bye PMI

As with any mortgage, we’ll need to evaluate your income, assets, employment, credit, identity, and other information. You can get started by contacting your CCM loan originator.

Bye-Bye PMI is a conventional conforming mortgage program offering a 30-year fixed-rate home loan. Conventional means it’s not insured by the government, like an FHA, VA, or USDA loan. Conforming means it follows the loan limits set annually by the Federal Housing Finance Agency, which means it’s not a jumbo loan. You may also hear conforming mortgages referred to as Fannie Mae or Freddie Mac loans. Fannie and Freddie are the large entities that purchase conforming loans after closing.

Qualify Bye Bye PMI
PMI conventional Loans

Conventional loans

Conventional loans come in many forms. Bye-Bye PMI is a 30-year fixed-rate mortgage that allows a borrower to make a down payment of only 15% without paying monthly PMI. While there are other conventional loans with lower down payments, they require a PMI payment every month, adding to the monthly and overall cost of the mortgage.

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Frequently asked questions