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So we received a conditional approval today from underwriting. We have yet to lock in an interest rate. We were quoted 171.30/month on a 331,500 loan. My husband's middle score is a 677. My mom is also on the loan (we're combining households) and her middle score is a 729 I believe. I have tried to get an answer out of our mortage broker for 2 days now regarding how much PMI is, how much it would be for single pay as well as lender pay...I will go there tomorrow and demand answers but I just wanted to see if he was just giving us the lowest possible, or if .62% is realistic with those scores.
I am unsure as to how much you are putting down, as that also plays a large role in determining how much your PMI is. You can get a pretty good idea of what you should have as PMI from this website: http://www.radian.biz/page?name=MIRateFinder#rateCalcResults. It may not be the exact MI company your lender uses but the numbers should be in the rough ballpark if it is not.
Thank you! We are putting 5% down. I used that site for my mom's score and it comes out to the 171.30, but when I did it for my husband it's 317$. Our DTI would be insane if we paid 317 for PMI...Can they use just my mom's score? Or is it the lowest of the two?
You're welcome. They will use the lower middle score.
677 w/ 5% down should get you a PMI rate of 1.42%. That would be just south of $400/mo in PMI. Any reason you're not going FHA?
doh!! double clutched the post button
@Anonymous wrote:677 w/ 5% down should get you a PMI rate of 1.42%. That would be just south of $400/mo in PMI. Any reason you're not going FHA?
^^^ this is the answer