Get a discount on PMI for your purchase.

Anonymous · ‎08-28-2007

The program is called Home of Your Own. You can take an 8 hour course and get a certificate that you can take to your lender. Keep in mind that not all lenders will take this and not all loan officers even know about this. Here is the link... http://www.pmi-us.com/

You can also use this site when you're shopping for a home loan and you want to check your PMI payment. It always helps to know. I've notice that when I speak to borrowers that are shopping the other loan officers just pull that payment out of space.

Hope this helps someone and remember its only on a purchase!

Anonymous · ‎09-02-2007

http://www.pmi-us.com/media/pdf/em/hoyo/pmi_Agency080607.pdf

Looks like they aren't in Washington state. <sigh>

Anonymous · ‎09-04-2007

I had a borrower drive 8 hours once.

Noah_Bodie wrote:
http://www.pmi-us.com/media/pdf/em/hoyo/pmi_Agency080607.pdf

Looks like they aren't in Washington state.

Takunda1 · ‎09-04-2007

how much of a savings does one really get (approximately). Also are you tied down to the lenders associated with where you took the course? The website doesn't do much to explain the program.

TIA

Anonymous · ‎09-04-2007

Talked to our broker. She knew of "Home of Your Own" and said it was similar to both "My Community" and "Home Possible".

She said I'm already eligible because I took Washington Housing Education's course.

http://www.washingtonhousingeducation.com/

They didn't issue a certificate, but said it was no problem getting a certificate of completion issued if needed. Met both our broker and buyer's agent through Washington Housing Education.

Anonymous · ‎09-04-2007

Takunda1 wrote:
Also are you tied down to the lenders associated with where you took the course?

Taking the course doesn't tie you to any lender, but only some lenders and some programs give the PMI discount.

A good broker can crunch the numbers and give you options. If they could get you a better deal on the loan that might say save you $200 a month, but the PMI discount might add up to only $50 a month savings, then I'd think they would steer you to the cheaper loan.

Real key is finding an honest broker.

Anonymous · ‎09-05-2007

No all banks will take the program but most will. You can all so pay more at closing to get a lower PMI payment. Just remember that you need to find a broker you can trust and still shop around. This program can save you $100 plus but even if it's only $50... Thats still 18K on a 30year loan or if you have a 200K loan at 6.875 and add that 50 bucks to your payment it will take the 30yr to a 26.74 yr loan. So that $50 can save you about 50K on a 30yr note.

Noah_Bodie wrote:

Takunda1 wrote:
Also are you tied down to the lenders associated with where you took the course?

Taking the course doesn't tie you to any lender, but only some lenders and some programs give the PMI discount.

A good broker can crunch the numbers and give you options. If they could get you a better deal on the loan that might say save you $200 a month, but the PMI discount might add up to only $50 a month savings, then I'd think they would steer you to the cheaper loan.

Real key is finding an honest broker.