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Soooo Confused...Please Help!
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8ternity
<3
Member since 11/08 10586 total posts
Name:
Formally NYPD-Wife
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Soooo Confused...Please Help!
In the process of buying a home and putting down 15%. so we will have PMI on our mortgage. I spoke with our mortgage broker and she said if we wanted to we can pay the PMI upfront at closing for $4,000 which will remove the PMI fee on our mortgage, but not really getting rid of the PMI? 
Ok, so don't you need to show the bank equity to remove the PMI? whats the point of putting down 20% these days when i could put 15% and just pay a $4,000 fee?
i dont get it and this lady is alway talking over me and I can't yell at work...wondering if anyone knows what this is about.
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Posted 5/25/11 1:21 PM  |
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MrsFuller
LIF Infant
Member since 5/11 103 total posts
Name:
Mrs.Fuller
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Re: Soooo Confused...Please Help!
Are you in the NY area
My husband and I are closing on the 23rd! We are very content with our loan officer if you want I will give you his information. Its always good to shop around before setting for a certain mortgage company. Remember brokers' will charge you a much bigger fee instead of going with a mortgage company.
If you need a real estate agent I have one too! I went through 5 different agents before I settle for the one that found us our house! Now days most agents are in for the money and not because they actually care.
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| Posted 5/25/11 1:41 PM |
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8ternity
<3
Member since 11/08 10586 total posts
Name:
Formally NYPD-Wife
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Re: Soooo Confused...Please Help!
thank you...
anyone ???
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| Posted 5/26/11 9:22 AM |
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BethanyLynn
Love these munchkins
Member since 10/09 6295 total posts
Name:
Bethany
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Re: Soooo Confused...Please Help!
No clue. Its my understanding that you need 20% down to avoid PMI. Maybe the 4k would some of the PMI monthly fees paid up front?
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| Posted 5/26/11 11:18 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Soooo Confused...Please Help!
I'm thinking she means the initial PMI fee you pay up front. It's 1% of the loan and most people finance it and add it into the mortgage. You'd still have to pay monthly PMI, but you're only financing the base loan amount, not the base, plus the PMI fee.
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| Posted 5/26/11 11:42 AM |
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8ternity
<3
Member since 11/08 10586 total posts
Name:
Formally NYPD-Wife
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Re: Soooo Confused...Please Help!
She basically said instead of having the PMI in the mortgage payment ($100) I pay the amount up front to the PMI insurance company for the life of the loan.
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| Posted 5/26/11 12:03 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Soooo Confused...Please Help!
I think that you are just pre-paying the PMI payments
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| Posted 5/26/11 12:56 PM |
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