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Vic
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 Posted: Sat Dec 29, 2007 7:38 pm Post subject: Is PMI a Must? |
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| Doe I have to pay PMI on a refi? A lender told me it was a Fannie Mae requirement. But the loan is not from Fannie Mae. |
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 ckalvesmaki
Community Experts
Joined: 28 Jan 2006
Posts: 378
Location: Dallas
56.65 Dollars($)
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| Posted: Sat Dec 29, 2007 7:51 pm Post subject: |
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What is your loan to value? MIP is for FHA loans and your loan to value doesn't matter you still have to pay it......The loan doesn't need to be from Fannie Mae......they don't lend directly.............the loan is sold to fannie mae.......PMI is required on loans with a loan to value over 80%....some lenders offer LPMI
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Cedric Kalvesmaki
***Professional Disclaimer***
While I am a Mortgage Professional, this advice is generic in nature only.
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emails and PMs gladly answered
www.freedommortgagetexas.com
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I live in TX but cover all 50 states
Last edited by ckalvesmaki on Sun Dec 30, 2007 8:06 pm |
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banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 332
Location: Charlotte, North Carolina
1.41 Dollars($)
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Guest
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| Posted: Mon Dec 31, 2007 4:43 am Post subject: |
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| You may run across a lender with no MI up to 85% LTV but it's not common – a negotiated product. LPMI is sometimes pushed as "no MI" but this is inaccurate (brokers just "forget" to leave off the sandwiched "monthly") |
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lisascherzer
Joined: 04 Jan 2008
Posts: 755
1.07 Dollars($)
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| Posted: Sat Jan 05, 2008 12:39 am Post subject: |
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Fannie Mae backs the mortgage loan that if offered by your mortgage lender. Your lender will still service your mortgage so you really dont deal with Fannie Mae. It is true that they require PMI insurance if you are borrowing more than 80% but there are alternatives to that. For example, some lenders offer "lender paid PMI". This can be quite a savings depending on how much you are putting down, your loan amount, credit score etc. I would compare a lender paid PMI loan before going ahead and paying the PMI. Right now you could still get a rate in the 5's with only putting 5% down with lender paid PMI insurance. To find out which lenders offer this option, go to
[Link deactivated as per forum rules. Thanks.]
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Allpointe Mortgage
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Phuc Nguyen
Guest
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| Posted: Wed Oct 14, 2009 11:01 pm Post subject: FHA loan |
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| I am getting FHA loan, i put 20% down payment. Do i have to pay for PMI? |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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| Posted: Fri Oct 16, 2009 2:02 am Post subject: |
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| As you are putting a downpayment of 20%, you won't have to go for the PMI. |
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