Posted on: 16th Apr, 2009 08:10 pm
My home was 157,000.00 I put about 10,000.00 down my pmi is about 325.00 a month why so much.
Is this FHA or a regular loan.
Hi anrrn,
Generally if you have paid less than 20% down payment on the loan or if the LTV is 80% or more, you are required to pay a PMI. The amount of PMI and monthly premiums depend on various factors like credit socre, LTV ratio etc. If you think the monthly PMI premium is too high, you should talk with your lender and demand an explanation. They are liable to answer your queries.
Generally if you have paid less than 20% down payment on the loan or if the LTV is 80% or more, you are required to pay a PMI. The amount of PMI and monthly premiums depend on various factors like credit socre, LTV ratio etc. If you think the monthly PMI premium is too high, you should talk with your lender and demand an explanation. They are liable to answer your queries.
Its a regular loan.
I was told by my morrtgage compay that I could not take my ins out of escrow. A friend changed her ins co. and pay out of pocket taking it out of escrow. I no a good bit of people that said they took there ins out of escrow. Is it true I can't take my out. If I get new ins and pay out of pocket then what.
Try this and see what you see.
http://www.goodmortgage.com/calc_pmi.htm
325 is really hight for your loan.
http://www.goodmortgage.com/calc_pmi.htm
325 is really hight for your loan.
mortgage insurance companies have changed their rates substantially. you're paying for the past sins of others and i'm not surprised to see your payment as high as that. your down payment was a bit more than 5%, and that will garner you the highest rates available. also, credit score is important in that mix. you didn't state your score, but if it's not pristine, then you'll be paying additional for that.
