Home Buying in 19901>Question Details

April, Home Buyer in 19901

If the purchase price for the property is $153,000 and the down payment is 3.5% with the 3.50% interest rate how much would be the PMI?

Asked by April, 19901 Wed Oct 19, 2011

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Answers

7
The lender that review all your finance status and give you the pre approval letter have to give you a pre HUD with all the possible charges and the mortgage payments. If he/she didn't do that, you are entitled to get one.

Best of Luck,

Maria Cipollone

century 21 tenace
1 vote Thank Flag Link Tue Jan 29, 2013
This information can be found in the Good Faith Estimate provided to you, by your lender. Ask for a GFE if you have not received one.

Best,

S. Walt Simpson
KW
302-242-5146
0 votes Thank Flag Link Wed Dec 10, 2014
Try as hard as possible to get a great deal, that way the sooner your have enough equity to refi and drop the mortgage insurance.
0 votes Thank Flag Link Tue Jan 29, 2013
With a 3.5% down payment & a loan term longer than 15-years the annual mortgage insurance for FHA is 1.15% of your loan amount.

3.5% down on a $153k sales price would result in a loan amount of $147,645. 1.15% of that is $1,697.92, divided over 12 months equals $141.49/mo. That is why you are being charged ~$140/mo for MI.

Also understand that it is not PMI. It is MI. PMI means private mortgage insurance, as in a 3rd party private company insuring the loan. FHA is self-insured, so it's just mortgage insurance.
0 votes Thank Flag Link Thu Oct 20, 2011
I was assuming this was an FHA loan. I have a calculator that figures all of the closing costs and monthy payments and when I put the info you asked about that is what I'm coming up with. I would ask the bank to be sure.
0 votes Thank Flag Link Wed Oct 19, 2011
Is there any reason that you might know of why my lender is charging me $140 PMI? Thank you
0 votes Thank Flag Link Wed Oct 19, 2011
probably somewhere around 60.00 per month.
0 votes Thank Flag Link Wed Oct 19, 2011
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