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First and Second Mortgages

A Plus Mortgage Solutions, Inc. offers mortgage programs for both first and second mortgages including first and second combination loans. A first and second combination is useful for clients who are putting less than twenty percent down on a purchase and want to avoid paying Private Mortgage Insurance (PMI). PMI is insurance that a lender requires a borrower to pay for that covers the lender in the event that the borrower defaults on the mortgage. It does NOT benefit the borrower in any way. The PMI rule only applies to conforming first mortgage programs. So, in order to avoid paying PMI, a client can take out a first mortgage up to eighty percent of the purchase price and a second mortgage up to fifteen percent of the purchase price. Thus, only putting five percent down, but still avoiding PMI because the loan to value on the first mortgage is less than or equal to eighty percent.

   

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July 30 , 2015

Jeremy always gets the job done well and on time without worry and stress. - Sally Chaplin

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5 stars on 5/18/2018

We were very impressed with Jeremy McMichael’s thorough and punctual assistance throughout the process of our new home purchase. His knowledge was very evident in how he was able to answer our questions and guide us to next steps. He made the process very easy!


5 stars on 5/18/2018

Jeremy was so helpful during our home search and buying process. He was always available for questions (I had a lot!) and was very quick at turning around information. Jeremy made purchasing our new home a seamless process. I would highly recommend him to anyone who is in the process of looking to finance a home.


5 stars on 5/9/2018

Jeremy had great communication and accomplished everything I would have expected a good mortage lender to accomplish. There were no surprises or issues. Highly recommended!


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