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unusually high pmi rate?

I am closing on a $520k purchase. I can put 8% down with a fico of 730. My pmi was quoted at 0.94%. Little high??
By jenn.mills873498320 from CA Apr 23rd 2014
Reply

What type of purchase? Condo, single family home or 1 to 4 family units? Do you know who your lender is using for Private Mortgage Insurance?

Apr 23rd 2014

You can go on the website of MGIC or Radian and look at the MI factors.

Apr 23rd 2014

That's actually not bad considering you will have a high balance loan amount. If you were using FHA you would be at 1.35% but there are other factors to take into account Debt To Income Ratio, Property Type. You can calculate you est. PMI Payment yourself go to all the PMI companies. Radian, MGIC, Genworth, United Guarantee.

Apr 23rd 2014

That's a good rate considering the terms of your loan. You would see a decent drop if you could up your down payment to 10% or more.. and compared to FHA, which Is 1.35%, your .94% seems like a bargain... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 23rd 2014

That's actually not a bad of rate.

Apr 23rd 2014

You are in a high risk category being over 90% and a High balance loan.

Apr 23rd 2014
by

Sounds about right. If you put down 10% that rate factor will improve.You could also opt for lender paid pmi or do a single premium - either paid by you , lender, seller or financed into loan..to 95% ltvLending Nationwide. VA, FHA, USDA, FNMA, FMAC, Reverse, Commercial, SBA, Jumbo. 877 890 3892 / john.bates@cbcnationalbank.com

Apr 23rd 2014

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