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Additional Details
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yanks006 | Did I get a good mortgage? |
30 yr fixed with a 6.58% Interest 100% Financing.
My PMI is almost $200 a month but I liked the idea of that better than emptying my savings.
Additional Details
For people who are questioning the NO downpayment vs PMI, it's an individual matter. I have an 8 month old son. I feel that it is more important to have tens of thousands liquid and in savings then the $200 a month cost for the PMI. |
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Tiffany
|
YES.
100% financing is pretty much non-existant in the current market....that is unless you are an "A-paper" borrower, meaning high fico score, money in the bank, and job stability |
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Cali-Gal
 |
Yes, you got a decent mortgage. But on that PMI........
Private mortgage insurance is a type of insurance that helps protect the mortgage company against losses due to foreclosure. This protection is provided by private mortgage insurance companies and allows mortgage companies to accept lower down payments than would normally be allowed.
Private mortgage insurance also enables mortgage companies to grant loans that would otherwise be considered too risky to be purchased by third party investors like the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC). The ability to sell loans to these investors is critical to maintaining mortgage market liquidity, which in turn, allows mortgage companies to continue originating new loans. Which right now is needed with the current illiquid conditions of the market right now.
In the United States, homeowners earning under $110,000 adjusted gross income can deduct, for the 2007 tax year, some or all of the PMI premium on mortgages closed only in 2007. With this new change, homebuyers may want to weigh both options. Congress would need to renew this deduction to be valid for any tax years beyond 2007.
I am hoping Congress does the right thing. I am going to do the right thing too.......VOTE when the time comes. |
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Steveo
 |
Feel good. No way to go up, and this is the best for now. |
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fallguy2004
 |
sweet deal |
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LF
 |
Great rate considering you put no money down and have PMI. Just keep track because once you have paid enough into the principal the PMI should go away, but they won't send you notification, you have to stay on it. Usually takes a couple of years. |
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Carolinahomerates.com
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the PMI is high...but what was the loan amount? |
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bizzmoneyb
 |
yes that is a very good rate. |
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vangorn2000
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In this time of the burst housing bubble, ANY fixed mortgage is good. |
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cbmttek
 |
Historically, if you could get a fixed rate under 8% you are doing good. If your rate is under 7% you are doing great.
Would like to see that PMI go away though. It is $200 a month expense that does not increase your net worth. Recommend that you keep track of how much house you own, and as soon as you get to 20%, get the bank to kill the PMI. |
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Meadowlark
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6.58% seems pretty high to me. You could have gone for an 80/20 loan and had no pmi. I bet the blended rate for the 80/20 would have been pretty comparable to the rate you got. It's also kind of a hassle getting the pmi removed down the road. You'll have to pay for an appraisal and prove that you have at least 20% equity in the house. You also state that it's "better than emptying my saving". I think I would have used my savings for as much as you could towards the downpayment. It's not too big a deal though either way. Enjoy your new home! |
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