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the lender can shop around and see if another insurance company has a better price.... but it is not negotiable.
@DallasLoanGuy wrote:the lender can shop around and see if another insurance company has a better price.... but it is not negotiable.
Thanks DLG... I just can't believe it's almost 3.5%. Maybe I should just put that money on the DP keep the 185.00 per month PMI and see if the house builds equity in 2-4 years to cancel it.
@Sylvrbak wrote:
@DallasLoanGuy wrote:the lender can shop around and see if another insurance company has a better price.... but it is not negotiable.
Thanks DLG... I just can't believe it's almost 3.5%. Maybe I should just put that money on the DP keep the 185.00 per month PMI and see if the house builds equity in 2-4 years to cancel it.
Good idea^^
Do you have a little extra to bring it to 10% down? Remember the PMI rate is based on your credit score and the LTV. Here is a rate card from one of the PMI co's for you to review - there are only a handful of companies across the US. This one is Genworth: https://mortgageinsurance.genworth.com/RatesAndGuidelines/RateCards.aspx
Here is one from MGIC and it is a little easier to read as the matrix shows both LTV and credit scores in easy to read format: https://www.mgic.com/rates/rate-cards.html
EDIT: LPMI is Lender Paid Mortgage Insurance and BPMI is Borrower Paid Mortgage Insurance
Yes, I could bring the other 5%, but my goal was to get in the home for as little as reasonably possible... and walk in the home with my safety fund fully funded for the mortgage and still be able to finish out the home without using my credit (cash only). It appears upfront PMI is not a worth while solution, moving to 10% down makes good use of my cash reserves, But i so hate not knowing which way to go, but I feel a little smarter, and I have another 60 or so days before closing, so a little more time to figure things out
Thanks StartingOver10 for the links, very helpful.
StartingOver, thank you for sharing the links for PMI.
You're welcome!