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Can PMI be payed yearly or does it have to be part of your monthly mortgage payment?

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August 26 2011 - East Springfield
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Answers (4)

I would suggest the Lender Paid Mortgage Insurance option in this case. WIth respect to paying PMI or FHA mortgage insurance, I am not aware of a yearly payment option. Your best bet is to eliminate the MI if at all possible upfront, with interest rates at record lows now, your will still have a great interest rate and have the lender pay the MI. 
Not all mortgage lenders offer the option to have lender paid mortgage insurance, my company does. Feel free to email or call me to get more information on different MI options.
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August 31 2011
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PMI is paid monthly with your mortgage payment.

FHA Mortgage Insurance is monthly. There is an upfront payment as well but this is typically financed into the loan.

Conventional PMI can be paid monthly or you could take a Lender Paid MI which will increase the rate but not have a monthly payment. Every scenario I've run monthly vs the LPMI the LPMI comes out with a lower total payment.

If you speak with a mortgage person before starting your home search, you should be able to get some payment samples that will show you your monthly payment and how it is broken down between P&I, taxes, insurance and PMI or MI (for FHA loans).

Good Luck
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August 27 2011

There is no payment fee. What I would suggest is that you set it aside in a separate account if it is a budget thing. Why let them get the interest on the money?
I'm from Springfield if you have questions or are looking to start your home search you can always contact me.

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August 26 2011
There is no discount if you pay it yearly.

David Cooper - Las Vegas
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August 26 2011
 
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