Home Buying in 66062>Question Details

judithrae.br…, Home Buyer in Prairie Village, KS

In Kansas, is it possible to put 10% down on a condo mortgage and prepay the PMI by adding the cost of prepayment to the mortgage?

Asked by judithrae.brown@gmail.com, Prairie Village, KS Mon Mar 18, 2013

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?? Why would you want to prepay PMI, what would the benefit be for you? I see none. I doubt if you can do that with any lender, it doesn't make sense. What you could do is add to the principal every month, or make bi weekly payments that would save you thousands of dollars in the long run if done consistently..

Janet Nation, CBR
Sailing Home Realty
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
0 votes Thank Flag Link Mon Mar 18, 2013
I know Crystal and she does work with a lot of condos. I can't really add anything to the conversation, but would recommend you follow up with her.

Best wishes,

Dwight Goodwin
0 votes Thank Flag Link Mon Mar 18, 2013
Based on my experience with condos (and I have a lot ;) ) It very much depends on the condo building and your lender - it is a case by case basis. Sometimes you have to find the condo you want first - then find a lender that will lend to that development. Probably not the answer you want, sorry.

If you need some names of lenders that lend to condo buildings feel free to contact me, I'd be happy to pass along the information I have!

0 votes Thank Flag Link Mon Mar 18, 2013
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