Reply With QuoteUnless something has chjaned you need PMI until the value is 80/20, even then it is not easy to get rid off. That is why they have 80/20 loans.
Who's got the best mortgage loans out right now? Was just online with Bank of America and see they have a no fee loan, which is NO closing cost, NO loan fee's and NO private Mortgage insurance. This loan requires 5% down and is a 6.50% fixed for 30 years. My own credit Union is giving me a 6.25% fixed for 30 years 0 down-100% financing, but is charging me a MINIMUM of an extra $200 a month for freak'n Private Mortgage insurance which I guess is what all lenders require now days to save ther a$$'s, plus I would have to pay any closing cost that the seller will not pay for. B of A is .25% higher on the rate, but I think I might save a little more now and for the next couple years. Need your opinions please.
Unless something has chjaned you need PMI until the value is 80/20, even then it is not easy to get rid off. That is why they have 80/20 loans.
VA baby. No PMI.
If they are offering no fees, closing etc etc usually they stick it in the rate so in the long run you are better off paying upfront. Your CB seems to be a good option but to eliminate the mortgage insurance you need to do 2 loans & the second loan is going to be at a really high rate, have a broker run your numbers and see what is most comfortable. Mortgage insurance is a write off now so you can take that into consideration.
If they are offering no fees, closing etc etc usually they stick it in the rate so in the long run you are better off paying upfront. Your CB seems to be a good option but to eliminate the mortgage insurance you need to do 2 loans & the second loan is going to be at a really high rate, have a broker run your numbers and see what is most comfortable. Mortgage insurance is a write off now so you can take that into consideration.
Yep. You can also pay for PMI up front.
Give my friend a call. Dan Coleman 714-394-9422. Tell him Corey sent you. He's a straight shooter and a hell of a nice guy. If anything he can inform you what's out there. Good luck.
With how soft the market is right now, I say work with the seller to see what they can cover in regards to closing costs. Then you may be able to get you the lower rate loan with LPMI and they pay your closing costs. The other route may be that you go with BOA and have no closing costs, but have the sellers pay to buyout the MI, and possibly buydown the rate as well. Then you have no out of pocket expenses, a lower rate, and no MI. Sellers are hard up right now, and if your RE Agent hasnt already gone through this with them, then you need to look for another agent.
I am getting a new loan at 5.875% with 2 points through Pacifica Mortgage. If you want some contact info, send me a pm, and I'll give you my loan guys name.
Contact Tobtek here on the boards.
Who's got the best mortgage loans out right now? Was just online with Bank of America and see they have a no fee loan, which is NO closing cost, NO loan fee's and NO private Mortgage insurance. This loan requires 5% down and is a 6.50% fixed for 30 years. My own credit Union is giving me a 6.25% fixed for 30 years 0 down-100% financing, but is charging me a MINIMUM of an extra $200 a month for freak'n Private Mortgage insurance which I guess is what all lenders require now days to save ther a$$'s, plus I would have to pay any closing cost that the seller will not pay for. B of A is .25% higher on the rate, but I think I might save a little more now and for the next couple years. Need your opinions please.
As of January 1st of this year PMI is a tax write off if you make less then $100K per year. Those interest rates seem low for one loan 100% financing. 6.25% one loan with PMI looks like a great deal with no money out of pocket.
I would be scared to do 100% financing in this market. With values still on the downward cycle, you may be upside down quicker than you think. Unless you are getting a really good deal on the purchase, below market value.
MI is tax deductive or you can negotiate with the sellers to pay your MI premiums up front. See if your Credit union offers lender paid MI on the loan program.
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