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re: Home Mortgage Questions
Posted on 2/21/15 at 11:33 am to ItNeverRains
Posted on 2/21/15 at 11:33 am to ItNeverRains
Money that is not Out of Pocket still counts as real money to me. Do you have a feel for what percent spread, percent of loan, or flat fee is typical?
Posted on 2/21/15 at 12:22 pm to Bayou Tiger
I locked in a rate of 3.875 with 5% down on a $225k purchase price and "no pmi" a couple weeks ago. Basically it's lender paid PMI. The rate would have been 3.625 with a monthly PMI of about $100 otherwise. This is a conventional loan, and other than the rate increase there was no additional cost. I was happy with the $60 something dollars in monthly savings, and while PMI could have eventually be removed down the road, I probably won't be there long enough for this to have come into play. I have enough to put down 20% but don't see the value in that personally.
Posted on 2/21/15 at 4:40 pm to Bayou Tiger
quote:
Home Mortgage Questions
Money that is not Out of Pocket still counts as real money to me. Do you have a feel for what percent spread, percent of loan, or flat fee is typical?
1-2 max % of loan amount Id guess. So assuming 400k loan financed over 30 years at 3.75% about $18-$30 a month
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