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About PMI

About PMI# Living

t*n2010-06-28 07:06

1 楼

I do not know whether it is the right board to post. We are trying to buy a
house and we only have 10% down pay. The banker said that we can use the PMI
which is 93/month to have 10% down pay without affecting our mortgage rate.
She also said that we can remove the PMI once our payment reaches 20% of
the house buying price.
is there any more information I should know before closing>
Thanks a million.

r*d2010-06-28 07:06

2 楼

sounds right to me.
But make sure you shop around to get the best rate. Don't totally rely on
only one lender.

t*n2010-06-28 07:06

3 楼

Thanks raihard. I checked the WIKI, it says that I need to cancel my PMI
based on the LTV.
I am just wondering which is better comparing with 80/10/10. Thanks

l*g2010-06-28 07:06

4 楼

you can either go with PMI or a second loan for 10%. You will need an
appraisal or assessment to terminate PMI. If the property value drops, you
need pay more principle to reach 80%. I got bad experience with PMI but
finally I eliminated it

【在 t*******n 的大作中提到】

: Thanks raihard. I checked the WIKI, it says that I need to cancel my PMI
: based on the LTV.
: I am just wondering which is better comparing with 80/10/10. Thanks

b*n2010-06-28 07:06

5 楼

现在愿意给80/10/10 loan的lender可不多

a
PMI
rate.

【在 t*******n 的大作中提到】

: I do not know whether it is the right board to post. We are trying to buy a
: house and we only have 10% down pay. The banker said that we can use the PMI
: which is 93/month to have 10% down pay without affecting our mortgage rate.
: She also said that we can remove the PMI once our payment reaches 20% of
: the house buying price.
: is there any more information I should know before closing>
: Thanks a million.

j*72010-06-28 07:06

6 楼

try PNC.

【在 b***n 的大作中提到】

: 现在愿意给80/10/10 loan的lender可不多
:
: a
: PMI
: rate.

g*92010-06-28 07:06

7 楼

If you can, better to save up for the 20% down pay.
It is better to buy a smaller house now with 20% down pay and switch to a
bigger house later on than to just buy a big house with only 10% down pay,
unless you really needed the extra space.

a
PMI
rate.

【在 t*******n 的大作中提到】