Answers (5)
- Ofe Polack, "Ofe Polack"
- Contributions:3374
Discuss it with your lender, it depends on your financial profile and the type of loan you qualify for. Good luck!
- Dave Sutton, "Windermere Portland"
- Contributions:133
And in the final analysis, there is no such thing as a free lunch. did you ask your lender about that option? If you did and didn't get an answer, you need a different lender. If you didn't, that would be a good place to start.
Home mortgages can be complex, but they need not be mysterious.
Home mortgages can be complex, but they need not be mysterious.
- Heather & John Romito, "buyers"
- Contributions:985
These type of loans are commonly referred to as LPMI "Lender Paid Mortgage Insurance" .. You can get into these with as little as 5% down, with a slightly higher rate.. Which has its Pros & Cons... Must have really good credit.
Almost any home should be VA eligible.. I work exclusively with Buyers in the Eugene area & would.. And I think VA is a great tool to use for home purchases. Call or email me, as I would love to help you find a home- my services are always tailored & free for home buyers, as the seller's agent pays my commission.
Almost any home should be VA eligible.. I work exclusively with Buyers in the Eugene area & would.. And I think VA is a great tool to use for home purchases. Call or email me, as I would love to help you find a home- my services are always tailored & free for home buyers, as the seller's agent pays my commission.
- Marc DeSantis, "MarcDeSantis"
- Contributions:34
Yes, it is possible. I've done a few conventional loans like this and there was no extra costs, only a slightly higher interest rate. Feel free to call me an I can do some estimates for you.
- Mike Lopez & Eric Fryberger, "BayTeamAdvisoryGroup"
- Contributions:31
It really depends on your personal financial situation/living situation. If you are looking to stay in the home for more than 5 years than it could make sense to pay the premium up front, but realize of course that this increases your overall closing costs that much more. If you are uncertain as to whether you will be in the home longterm and would rather pay on a monthly basis, the average monthly cost for PMI is 30-50.00 in addition to the rest of your monthly mortgage payment. It all depends on what is more feasible for your pocket. :)
Avoid PMI- pay premium up front?
Is it possible to pay the full premium up front, and what would the % of the loan be?
Thank you!
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