Posted on: 13th Jan, 2014 11:49 pm
Hello everyone... what factors determine the amount of PMI?
Well, in case of a conventional loan, your loan amount as well as your credit score will determine your PMI. If you go for a FHA loan, then the loan amount will determine the amount.
Welcome Guest,
I agree with what Niicss has said. The amount of PMI will depend upon the type of mortgage you choose.
I agree with what Niicss has said. The amount of PMI will depend upon the type of mortgage you choose.
FHA is 1.3% of the loan amount dividd into twelve monthly payments
Conventional is a sliding scale that factors in your loan to value and credit scores -
FHA has a mandatory upfront PMI that is included in your loan amount and Conveentional offers a one time upfront PMI option that will eliminate the monthly payments - it is quite pricey and also is based on loan to value and scores
Hope this helps
Brian
Conventional is a sliding scale that factors in your loan to value and credit scores -
FHA has a mandatory upfront PMI that is included in your loan amount and Conveentional offers a one time upfront PMI option that will eliminate the monthly payments - it is quite pricey and also is based on loan to value and scores
Hope this helps
Brian
