Tools

Ask a Question
Start a Discussion
Close
Create an Email Alert

Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.

This alert is for the following:

Topic:
do i really have to pay PMI plus sur charge if i dont ...

How often would you like the alert emailed?

Frequency:

Immediately Daily Weekly
Maximum 20 emails/day

Save

Cancel E-mail alerts
RSS
Send to del.icio.us
Send to StumbleUpon
Print page

Partner Tools

Views: 522
US
California
Nearby States
- Alabama
- Alaska
- American Samoa
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Guam
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Northern Mariana Islands
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Puerto Rico
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virgin Islands
- Virginia
- Washington
- Washington D.C.
- West Virginia
- Wisconsin
- Wyoming
Don't see it?

Find:
Anaheim
Nearby Cities
Don't see it?

Find:
Neighborhood
Nearby Neighborhoods
Don't see it?

Find:

do i really have to pay PMI plus sur charge if i dont put 20% down

Contributions: 1

Q&A

:1

View full profile

Flag content

June 23 - Anaheim

RSS

Answers (4)

Tony Veltri, "Veltri Homes"
Contributions: 111

Tony Veltri, "Veltri Homes"

Real Estate Agent

Contributions: 111

Q&A

:84
Disc

:24
Photos

:3

Zillow All-Star

Since August 2009

View full profile

This is a required insurance policy for your loan since you are not paying 20% down. How about doing a concurrent second mortgage for the amount that you need to get your first to 80%? That would elimiate your insurance policy, but you'd need to do the math to see if your increased interest on the 2nd negates the savings....6 of one - 1/2 dozen of the other. Your RE Agent can help with strategies on purchasing and if you need anything from a 3rd party, CANDID no BS Agent, shoot me an email and I'll reply.

Flag content

June 26

Andre-Paul Maddox, "andrepaul"
Contributions: 11

Andre-Paul Maddox, "andrepaul"

Real Estate Agent

Contributions: 11

Q&A

:6
Disc

:2
Photos

:3

View full profile

Yes, PMI (FHA/VA) / MIP (Conv., Other) is paid if you are over 80% LTV. As far as a Surcharge, that is a new one.

Its hard to grasp, but it just as much for you as it is for the lenders. When the premium is paid on a monthly basis, it, of course, covers the 20% of debt that may be uncollectible on a loan. In case of a default, this gives the lender a leway to recover loss. You want to the lender to recapture as much as possible in case of a default, so your definciency is less.

Flag content

June 23

Michael Russell, "real estate mike"
Contributions: 1704

Michael Russell, "real estate mike"

Real Estate Agent

View my 3 listings

Contributions: 1704

Q&A

:1395
Disc

:294
Photos

:15

Zillow All-Star

Since May 2009

View full profile

Is that surcharge they're trying to charge you permanent in the loan Grumpy?

Flag content

June 23

Julie Messina, "CNN Mortgage"
Contributions: 71

Julie Messina, "CNN Mortgage"

Mortgage Lender

Lender rating

View ratings and reviews

Contributions: 71

Q&A

:68
Disc

:2
Photos

:1

View full profile

In the days of the dinosaur, you couldn't get a mortgage unless you put 20% down. Mortgage Insurance was created in the early '70s, allowing conventional lenders to loan over 80%. Mortgage Insurance protects lenders against defaults on the portion of the loan that is financed over 80%. MI protects the lender because statistics show that you are more likely to walk away from your home if you do not have a 20% equity position. These days, the most common way to finance a home with conventional financing is with mortgage insurance. There are a few self insured products out there, but the higher rates associated with those products are a trade off for the risk. MI companies are limping along in today's economy and it may be difficult to even get MI if you don't meet the FICO scores and Debt to income ratio guidelines.

Flag content

June 23

Have a question? Ask it here.

Most Active Anaheim Real Estate Agents

David Clesceri

6 listings

773 contributions
Rock On Realty

3 listings

67 contributions
Linda Rozales

2 listings

150 contributions
Alwin Lee

1 listings

39 contributions
Denny Rockwell Denise Rockwell

27 listings

52 contributions

See more Anaheim real estate agents

Question Is lot size really that important?!

Latest answer by Pasadenan
September 21

In Buying Process
9 Answers - 322 Views

Question do i really have to pay PMI plus sur charge if i dont put 20% down

Latest answer by Tony Veltri
June 26

In Buying Process
4 Answers - 522 Views

Question Submitted a back up offer, how long do I have to wait?

Latest answer by Gr8tbuy
January 30

In Buying Process
4 Answers - 672 Views

See More

Guide Real Estate Buyer's Closing Costs

In Buying Process
Edited August 27

Guide List of Closing Costs and Fees

In Buying Process
Edited August 27

Guide You've Opened Escrow

In Buying Process
Edited July 21

Guide Home Buying One Step at a Time

In Buying Process
Edited May 04

Guide A Buyer's Guide to Making the Right Choice

In Buying Process
Edited December 05 2008

See more articles about Buying Process

Current Mortgage Rates

Current Last Week

30 Year Fixed

15 Year Fixed

5/1 ARM

Get this widget

<div style="width:298px;height:123px;border:1px solid #adcfff;overflow:hidden;text-align:center;font-family:verdana,arial,sans-serif;font-size:8pt;line-height:13x;background-color:#eff3ff;letter-spacing:0;text-transform:none;">
		<div style="margin: 0 6px;">
			<div style="margin-top:6px;">
				<a href="http://www.zillow.com/Mortgage_Rates/#{scid=mor-wid-lthd}" target="_blank" style="font-size:9pt;color:#36b;text-decoration:none;font-weight:bold;">
				   
						Current
				   
				         
				   Mortgage Rates</a>
			</div>   
			
			<div style="color:#555;margin:5px 0 1px;">
				<span style="padding-left:137px;">Current</span>
				<span style="padding-left:23px;">Last Week</span>
			</div>

<div style="background:#fff;height:60px;width:284px;border:1px solid #adcfff;text-align:left;">
				<div style="width:146px;float:left;">
					<div style="height:20px;background-color:#fff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/30_Year_Fixed_Mortgage_Rates/#{scid=mor-wid-ltt1}" target="_blank" style="text-decoration:underline;color:#36b;">30 Year Fixed</a></div>
					</div>
					<div style="height:20px;background-color:#eff7ff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/15_Year_Fixed_Mortgage_Rates/#{scid=mor-wid-ltt2}" target="_blank" style="text-decoration:underline;color:#36b;">15 Year Fixed</a></div>
					</div>
					<div style="height:20px;background-color:#fff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/5-1_ARM_Mortgage_Rates/#{scid=mor-wid-ltt3}" target="_blank" style="text-decoration:underline;color:#36b;">5/1 ARM</a></div>
					</div>
				</div>
					
				<iframe title="Current Mortgage Rates" frameborder="0" height="60" scrolling="no" width="138" src="/mortgage/MortgageRateTableWidget.htm?wide=1&region=102001">
						Your browser doesn't support frames.  Visit 
					<a href="http://www.zillow.com/mortgage/" target="_blank" style="text-decoration:none; font-size:9pt; font-weight:bold;">Zillow Mortgage Marketplace</a> 
					to see this content.
				</iframe>
				<div style="clear:both;"></div>
			</div>
			
			<div style="margin:4px 6px 0;height:15px;width:276px;">
				<a href="http://www.zillow.com/mortgage/#{scid=mor-wid-ltgr}" target="_blank" title="Zillow Mortgage Marketplace" style="display:block;margin-left:4px;height:15px;width:145px;float:left;"><img src="/static/images/zillow-mortgage-logo-small.gif" alt="Mortgages, Home Loans, and Mortgage Quotes at Zillow Mortgage Marketplace" style="border:none;"/></a>
				   
				<a href="http://www.zillow.com/webtools/widgets/MortgageRateWidget.htm#{scid=mor-wid-ltget}" target="_blank" style="font-size:7pt;color:gray;text-decoration:none;float:right;margin:1px 5px 0 0;width:80px;">Get this widget</a>
			</div>
		</div>
	</div>

Need a Mortgage?

Zillow Mortgage Marketplace

Competitive rates
Accurate, custom quotes
Thousands of lenders

... and, it's free and anonymous

Learn about Zillow Mortgage Marketplace

Zillow Poll:

Suggested by westmory

If a home for sale had an assumable mortgage, would this enhance the sale?

Yes?

No?

Next poll
Suggest a poll

Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy

Tools

Create an Email Alert

This alert is for the following:

How often would you like the alert emailed?

Partner Tools

Nearby States

Nearby Cities

Nearby Neighborhoods

do i really have to pay PMI plus sur charge if i dont put 20% down

Contributions: 1

Main Image

Answers (4)

Real Estate Agent

Contributions: 111

Zillow All-Star

Real Estate Agent

Contributions: 11

Real Estate Agent

Contributions: 1704

Zillow All-Star

Mortgage Lender

Contributions: 71

Have a question? Ask it here.

Most Active Anaheim Real Estate Agents

Related Questions

Question Is lot size really that important?!

Question do i really have to pay PMI plus sur charge if i dont put 20% down

Question Submitted a back up offer, how long do I have to wait?

Related Articles about Buying Process

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

Guide You've Opened Escrow

Guide Home Buying One Step at a Time

Guide A Buyer's Guide to Making the Right Choice

Need a Mortgage?

Get instant mortgage quotes

Be A Good Neighbor