Posted on: 24th Feb, 2010 08:16 pm
the bank is charging me fha ufmip of 3800 and 3000 closing cost while charging me mortage insurance making my closing cost 8000 thats absurd .they also are charging me mortgage ins during the first 5 years and i cant stop it until then.
You can ask your lender to provide you with the break up of the closing costs. This will help you know what are fees are included in it and how much your lender is charging. It includes things like appraisal costs, mortgage insurance, title insurance, lender's fees, etc. To know more, check out the given page:
http://www.mortgagefit.com/closing-costs.html
As far as mortgage insurance is concerned, it is 1.75% of your mortgage. You can calculate yourself and find out whether or not the lender is charging an extra amount for your mortgage insurance premium.
http://www.mortgagefit.com/closing-costs.html
As far as mortgage insurance is concerned, it is 1.75% of your mortgage. You can calculate yourself and find out whether or not the lender is charging an extra amount for your mortgage insurance premium.
on every fha loan, whether you are putting 20% down or 3.5% down has an ufmip charge that is added to the loan. how much money are you putting down or is this a refinance?if it's a purchase and you have enough of a downpayment, you can possibly go conventional and will be able to avoid the ufmip cost.
