Is there a mortgage insurance premium charge at closing for conventional loans?

Tips and Deals Forums Conventional Loans Is there a mortgage insurance premium charge at closing for conventional loans?

Tagged: 

This topic contains 11 replies, has 5 voices, and was last updated by  Anonymous 8 years, 7 months ago.

  • Author
    Posts
  • #413357

    Anonymous

    Stay away from internet lenders. If you bank locallly, go there and ask. Check around with other local lenders. Get a GFE on closing costs, ignoring closing costs can cost you thousands of dollars.

  • #413358

    Anonymous

    Do you have an ARM mortage? If so shop around for a 30 yr fixed and take nothing else unless it less years like 25,20. What’s your rate? If it around 5 to 8 state in the same motage you have and paid more on principle which in turn will reduce the amount of time you are paying intrest.

  • #413359

    Anonymous

    Hi Terri,

    Before shopping around for a mortgage lender, make a list of the certain terms and personal concerns to ask any lender to choose the honest from the dishonest.

    Begin the list with the amount of mortgage you are inquiring about, ask about the interest rates, PMI, second mortgages, penalty fees, closing cost, application fee, appraisal fee, flexible closing, lock in rate, and fixed or variable rates. From this point, you should have enough information to decide which lender you feel most comfortable with.

    The best way to find a mortgage lender who is honest, truthful, and patient is by asking friends, family, and sometimes realtors. The most reliable answers you will get is from people who have used a mortgage lenders services.

    Hope this helps!

    Brad

  • #413360

    Anonymous

    Trust yourself
    You do not need a 3rd party to charge you money to negotiate something that you can do yourself.

  • #413361

    Anonymous

    Stick to local lenders, ones with offices that you can meet.

    Your bank or credit union is your best bet.

  • #413362

    Anonymous

    if they are recorded together it will show like that until everything is all paid
    if you smaller loan is paid , why don’t you go back to the bank and refinance your mortgage
    that way only the amount you owe now will show on your records

  • #413363

    Anonymous

    Your deed of trust is the full amount together or purchase price in this case. It will not be deducted even once paid off, so depending on where ya live, you may get reassessed for real estate taxes at the purchase price.

  • #413364

    Anonymous

    I’m guessing that the mortgage company paid off the builder and tacked that on. They aren’t going to lend you $ $ on a house that has lein senior to theirs.

  • #199233

    Anonymous

    I know there is a mortgage insurance premium around 1.5% when you close on a FHA loan, but I was wondering if the same charge apply when you close on a conventional loan

  • #257151

    Yes if you don’t put down 20%.

  • #257217

    SURE, UNLESS you put down 20%, you have to pay PMI because you’re a poorer risk.

  • #257348

    ethovnucphilo
    Participant

    Yes, if you pay less than 20% down on a conventional loan you will pay a PMI premium each month. There are some very infrequent exceptions to this, so you can probably count on it.

    Make sure your closing documents include the provision somewhere that once your LTV ratio reaches 80% (either through your principal reduction over time, or an increase in the appraised value of your property), you can request that the PMI be cancelled. That will save you each month.

You must be logged in to reply to this topic.

Register New Account
Reset Password