PMI / 15% Downpayment

[inquring_minds]

If I put down 15% towards to purchase price, how much could I expect to pay monthly? and at want point would PMI be cancelled.

Loan amount $183,000.00

30 Year Fixed Conventional

Any imput would be appreciated!

Thank you.

[BrianB_The_Loan_Professor]

At 85% and a credit score the first lender rate sheet I could find still offering Lender Paid MI is charging .85% (.85 of one point) to elimiate the MI

Not bad but you could put just 10% down and it is 1.4%

May be able to save a few dllars in your pocket? I dont know your situation but always good to look at all options

Brian

[inquring_minds]

Hi Brian,

Any idea how long I would have to pay PMI with 15% down? 

Wells Fargo used my mid score of 743.

Message Edited by inquring_minds on 08-26-2008 05:51 PM

[BrianB_The_Loan_Professor]

Until you get the balance down to 80% and you can convince them that they should remove it.

It will probably take a few years paying the amortized payment on a 30 yr note as it is almost all interest in the beginning.

Does Wells offer lender paid MI? Ask your LO to see what they say. Ask how much to buy it or how much to adjust the rate for it?

If you can afford to pay cash it is a WISE choice because even with the best MI rates you will still be looking at .64% a year pay that one time and you will come out ahead in year three on either of the levels I posted

Brian

[DallasLoanGuy]

pay it up front..... it may be tax deductible.

[inquring_minds]

I will let you gentlement know tomorrow after I speak with the LO.

Thanks!