Save your buyer money by writing an offer before the date.
Old Rules (In effect till April 18):
Upfront MI = 1% (added to loan amount)
Plus Monthly MI = .90% (paid monthly in house payment)
New Rules (In effect after April 18):
Upfront MI = 1% (added to loan amount)
Plus Monthly MI = 1.15% (paid monthly in house payment)
Example of a $250,000 loan
Old New
187.50 Monthly MI 239.58 Monthly MI
**That’s an increase of $52 per month. (Almost like a loss of $9,800 in buying power).
Special note: FHA has slightly lower mortgage insurance fees for clients putting 5% down or selecting a 15 year fixed mortgage. Call us for details.
Knowledgeable article! This site has some great stuff to learn! I have added this to my Google reader and hope to see you update frequently! I have read in one site like "Lenders Mortgage Insurance Makes Home Ownership Easier" at http://www.lendersmortgageinsurance.net/Benefits-of-Lenders-Mortgage-Insurance.html Do you think it is possible? And also tell me the benefits of Lenders Mortgage Insurance?
Thanks
Posted by: Account Deleted | 09/12/2011 at 03:40 AM