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Answers (7)
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
Why would he need to call a local one Mr Fisher? I do plenty of good business in Lancaster and in Ocoee and i'm not near either.
And why are you offering mortgage advice without an NMLS license?
Andyjames; I'm sure you came on this site to consult with the many licensed loan origination experts; feel free to look some up in the directory and contact them directly for any one on one dialogue.
And why are you offering mortgage advice without an NMLS license?
Andyjames; I'm sure you came on this site to consult with the many licensed loan origination experts; feel free to look some up in the directory and contact them directly for any one on one dialogue.
- James Fisher, "jamesfisherhomes"
- Contributions:21
Hi Andy,
There are several options available to eliminate monthly PMI. Are you a veteran? VA offer a competitive product with no MI. Another possibility is a USDA loan but those are property/location specific. Another option is lender paid MI which is a viable option with interest rates as low as they are right now. The best advice of course is to call your LOCAL mortgage consultant and schedule a time to review your needs.
There are several options available to eliminate monthly PMI. Are you a veteran? VA offer a competitive product with no MI. Another possibility is a USDA loan but those are property/location specific. Another option is lender paid MI which is a viable option with interest rates as low as they are right now. The best advice of course is to call your LOCAL mortgage consultant and schedule a time to review your needs.
- Mark LeMenager
- Contributions:1716
As noted, if you don't want PMI, then put down 20%. If you don't have 20% and you don't want PMI, then you don't want to buy a house. It's that simple. Sorry.
- workabee
- Contributions:1030
Don't want PMI? Then put down some d@mn money already until you got 20% of your own skin in the deal.
- Deborah Garvin, "loanmonarch"
- Contributions:438
Andy, You also have the option of single premiium Mortgage Insurance that is paid either by you (upfront) or the lender (incorporated into interest rate). Contact a mortgage professional directly and you may be surprised at the overall savings of either option. Often time, the higher interest rate on the lender paid MI still results in a lower payment than month MI incorporated into the loan payment.
- wetdawgs
- Contributions:26854
PMI is to protect the lender, not the borrower. Therefore, ask your lender how much down payment you need to avoid PMI.
- Beth Jenkins, "MiamiBeachBeth"
- Contributions:106
Hi,
It is not your choice if you are not putting down 20% or more. If you are, then it is not neccessary, because your down payment is enough insurance. If you aer not then it is required.
Beth Jenkins
South Florida Brokers
It is not your choice if you are not putting down 20% or more. If you are, then it is not neccessary, because your down payment is enough insurance. If you aer not then it is required.
Beth Jenkins
South Florida Brokers
what if I dont want PMI added to my loan?
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