No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
glassblower1 wrote:Help me understand the cost for pmi on a mortgage My house is appraised at $325,000 I owe almost $260,000, but if I do a cash out to pay for fees and extra money for escrow and a few bucks for a car, I am thinking about a 85% loan to value. So for the extra $16,250 how much would I expect the cost in PMI fee. I am having a hard time understanding the MGIC fee chart.
Hi jmoney, looks like you are in a pickle. The most I'm seeing MI companies insure to is 90% LTV when you go to $729,750 (RMIC & Radian both cap at 90% LTV with a 720), and I'm not aware of any MI companies who insure loan amounts over $729,750... so I'm not sure if MI coverage at 95% LTV even exists on the loan amount you are looking for.
You said 2 out of 4 PMI companies said no - so what were the other two MI companies requirements? One said 85% LTV, what did the other one say?
I applied for a refinance having a little over 700 scores and that was great until my appraisal came in under valued and now I needed PMI. Due to the fact that it took so long to get the loan processed the hard inquiry by the bank caused a 50+ drop in my scores and now could not qualify for PMI - that's not even fair! Perhaps being sure to close in that credit scoring window period might be something to be mindful of if you may be needing PMI.