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wordsnpixchic | Do you have to use the mortgage insurance the lender provides? |
They want to charge $450/month on top of the house payment.
Additional Details
We're borrowing $155,000 and they want to tack $458 to the monthly payment, making the payment $1778/month. If we borrow$175k, the payment goes up to $1991/month.
He says we'll be paying so much in insurance because our credit is less than stellar. The interest rate is 7.625%.
Should we look elsewhere????? |
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financing_loans
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I would love to answer your question but I need much much much more information.
When you say mortgage insurance I assume you mean PMI. No you can ask the lender to check with with other companies, the major ones are GMAC, MGIC, GE... There are a few. But the difference in price will be nothing.
If you can give a bit more information about you loan size ect it will make this question easier to answer. With that size of mortgage insurance I would guess your loan is large 400K+
Tell us your loan amount and your LTV and anybody will tell you what you should be paying. Or go to MGIC.
http://www.mgic.com/is/html/ratefinder.html
This will tell you what you are paying or should be paying. You might need to ask your loan officer exactly what program you are on to calculate it, there are only about 10 billion options out there.
********* UPDATE **************
HELL YES LOOK ELSEWHERE. That is ridiculous. A little hint most non prime lenders dont charge mortgage insurance, thats why your rate is so high. Actually I dont know any sub prime lenders that charge it. But we are only approved with 300 companies and do loan in almost every state but I could be wrong. I dont know what the hell the loan officer is doing, but your first phone call today or monday morning is to another lender. Thats insane. You are getting screwed.
Call a local broker, hell call 10 of them. You just need to find 1 that knows what they are doing. Your current one clearly doesnt or is absolutely lying to you about the rate or the process. Either way he/she is lying or they are incompetent. Is that who you want working on your loan? |
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njspanteach
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Do you mean pmi insurance? The way to beat this is to put 20 % down, in which case this insurance is not necessary. |
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W. E
 |
This is MI and Not HomeOwners Insurance. HomeOwners insurance is what you get to insure your home and its contents. What is MI? Private mortgage insurance (Private MI) is a financial guaranty business in which an insurer assumes a portion of a lender's risk in making a mortgage loan. For that risk, the insurer collects a premium from the lender, which then typically recovers the cost of the premium from the borrower. The "risk" in private mortgage insurance is that a borrower will default on a loan and ultimately result in the insurer having to pay a claim.
Here's how it generally works (see illustrations at right):
A borrower buying a $150,000 home makes a 10%, or $15,000, down payment.
The lender then obtains private MI on the borrower's $135,000 mortgage, reducing its exposure to loss from $135,000 to $101,250.
The private MI covers the top portion of the mortgage — usually the top 25% to 30%. In this case, the MI will absorb 25%, or $33,750, of any ultimate loss to the lender
https://calculators.emagic.com/Calculators
http://www.mgic.com/education/mifaqs.html
http://www.privatemi.com/
MI converage is based on any amount borrowered over 80 percent LTV (Loan To Value).
What is your interest rate offered to you? You could go Sub-prime and NOT have MI coverage. The rate would be higher, but use the calculator on www.bankrate.com and see if there is a savings to you - with the higher rate. Ask your Lender to give you pricing on Sub-Prime & compare the monthy payments. Yu can always change a Lender/Broker and see if you get better rates / programss - but if you are going FHA or Conforming - you will have MI / PMI included. |
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curmudgeon
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no.
and that number is crazy...it cannot be correct. |
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sandras77
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i need more info than what you have provided |
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b n real
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Sweet Pea that is a complete rip off. You can always change your insurance company on any thing. You might have to contact your lending company and provide them with your new insurance info. |
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incaguy37
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Check w/ your local banks, they have different loan programs that w/ 10 % down, they offer a 90% LTV loan w/ no mortgage insurance and some banks do not charge an origination fee to do the loan. |
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