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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
@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