my question is about homepath mortgage co. { fannie mae} my understanding is that pmi is not included in the mortgage.who pay homeowners ins. an tax?

Asked by Faith3, 30349 Sun Nov 7, 2010

Does the purchaser buy the homeowners insurance separately, and pay the property taxes themselves? Is there anything else the purchaser have to pay with homepath mortgage or anything i should be aware of THANKS EVERYONE.

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Ken Cook, , Atlanta, GA
Sun Nov 7, 2010
Our Homepath program is not that much more expensive than a standard Fannie loan though the rate is higher and would be glad to compare prices for you with any other lender who offers the Homepath. Home owner's insurance and tax would be escrowed and therefore become a part of your monthly payment to the mortgage company.

It is worth comparing to FHA especially since FHA rates are so very low right now and the upfront mortgage insurance has been reduced by over 50%. Let's do a chart of payment options for you and see what makes the most sense for your circumstance. No charge, no obligation.

http://relt.us/fhaga

Ken Cook 877-7000-KEN (536)
NMLS ID 208452

Employer: AmericaHomeKey, Inc. 2300 Windy Ridge Parkway, Atlanta GA 30339. Georgia residential mortgage licensee #23191. NMLS ID 15076. Equal housing lender. Subject to errors, omissions and changes. Loans subject to approval
Web Reference:  http://kennycook.com
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, ,
Sun Nov 7, 2010
Hello Faith
The pmi is paid throughthe interest rate that you get with the loan. I just finished a Homepath loan and the rate was up almost 2 percent higher than the base rate of a 30 year fixed. I still think is is a good program being that rates are as low as they are today. The homeowners insurance is paid through the buyer just like any other loan. I hope this helps and if I can further assist you please feel free to give me a call.


Elden Alvarez

Mortgage Banker
6224 Sugarloaf Pkwy, Suite 200
Duluth, GA 30097
678.226.7840 Direct
678.267.0277 Cell
ealvarez@brandmortgage.com
Apply Online: ealvarez.brandmortgage.com
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Scott Godzyk, Agent, Manchester, NH
Sun Nov 7, 2010
Yes as with any purchase, th ebuyer purchases their own home owners insurance policy and is responsible for paying their own property taxes. the bank giving you themortgage will set up a escrow account for you which these payments will be paid monthly with your mortgage payment.

please see my blog with advice and tips on buying bank owned homes.
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