cancel
Showing results for 
Search instead for 
Did you mean: 

MPPI

tag
damnedanddetermined
Established Contributor

MPPI

Does anyone know how much (MPPI) would be on a home purchase of 270,000-300,000

and if it is included each month into an escrow account? Which are reputable companies to go with?

 

MPPI= Mortgage Payment Protection Insurance

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: MPPI

Hmm, I think that's one you'll have to call around and get quotes on. I never hear folks talk about that here. However, I have a friend in the UK and she was talking about it when I told her I was going to be buying a home soon. Seems more popular over there. Wouldn't work for me though since I am self-employed.
Message 2 of 5
Anonymous
Not applicable

Re: MPPI


@damnedanddetermined wrote:

Does anyone know how much (MPPI) would be on a home purchase of 270,000-300,000

 

MIP on an FHA loan would be roughly $55 per $100K (with 1.5% of the purchase price upfront). So you'd be looking at *roughly* $150/month in MIP.

 

For conventional, rates can range from 1.5% to 6% of the principal of the loan based upon
loan factors such as the percent of the loan insured, loan-to-value
(LTV), fixed or variable, and credit score. For PMI, the range is too wonky to guess.

 

Plus, bear in mind, that in declining areas, you'll have to have a 720 mid-score in order to qualify for PMI. PMI is score-driven, from what I understand.

 

and if it is included each month into an escrow account?

 

Yes, it is. It's payable with your mortgage payment each month, unless, with conventional loans, you choose not to escrow. I don't think that happens often though -- meaning, I don't think that's typically a choice you get to make and depends on the lender.

 

Which are reputable companies to go with?

 

The lender chooses that.

 

MPPI= Mortgage Payment Protection Insurance


Message 3 of 5
Anonymous
Not applicable

Re: MPPI

Wonderin, if the OP is talking about what I thought they were, this is totally different type of coverage. It's a coverage you elect to take through a different type of insurer that basically will cover your mortgage payments for you for up to a year if you were to lose your job or have a medical problem that caused a loss of income. Almost like that coverage your credit card companies offer you that says they will make the minimum payment for you in the event you lose your employement, etc.
Message 4 of 5
damnedanddetermined
Established Contributor

Re: MPPI

yes, thats what I was referring too...upupup...ty
Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.