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re: PMI bullshite
Posted on 11/15/12 at 2:32 pm to MikeBRLA
Posted on 11/15/12 at 2:32 pm to MikeBRLA
First of all, you can't turn around and refi. There is a 12 month waiting period for you to use appraised value.
Some lenders let you do up front MI (UFMI). This is a percentage of your loan. You can pay it in cash or finance it back into the loan. It would be somewhere around 1.25% depending on LTV and credit score. You would not have any monthly MI if you choose this.
Some lenders also have a 2nd mortgage option. This is the 80/10/10. Not all lenders do this.
Some lenders let you do up front MI (UFMI). This is a percentage of your loan. You can pay it in cash or finance it back into the loan. It would be somewhere around 1.25% depending on LTV and credit score. You would not have any monthly MI if you choose this.
Some lenders also have a 2nd mortgage option. This is the 80/10/10. Not all lenders do this.
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