topic Re: PMI on Conventional- Does this rate seem right? in Mortgage Loans

PMI on Conventional- Does this rate seem right?

Anonymous — Thu, 05 May 2016 22:43:28 GMT

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.

Re: PMI on Conventional- Does this rate seem right?

Anonymous — Thu, 05 May 2016 23:01:25 GMT

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.

Re: PMI on Conventional- Does this rate seem right?

Anonymous — Thu, 05 May 2016 23:09:53 GMT

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?

Re: PMI on Conventional- Does this rate seem right?

Anonymous — Fri, 06 May 2016 02:32:34 GMT

You're welcome. They will use the lower middle score.

Re: PMI on Conventional- Does this rate seem right?

Anonymous — Fri, 06 May 2016 03:07:21 GMT

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?

Re: PMI on Conventional- Does this rate seem right?

DallasLoanGuy — Fri, 06 May 2016 19:57:01 GMT

doh!! double clutched the post button

Re: PMI on Conventional- Does this rate seem right?

DallasLoanGuy — Fri, 06 May 2016 19:56:38 GMT

@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

Re: PMI on Conventional- Does this rate seem right?

Anonymous — Fri, 06 May 2016 20:01:43 GMT

Can't go FHA due to price unfortunately. Thanks for all of the advice guys!