Someone told me if I paid upfront I should not be paying monthy premiums, is that right?
Hi “Golferwhoworks”. I really appreciate your answer. I can’t find the answer anywhere and I have spent hours researching it online.
Posts Tagged ‘insurance’
When you get FHA Loan when do you pay Mortgage Premium Insurance: up front, as monthy payments or both?
Saturday, February 27th, 2010Are 2 points for loan origination fee & loan discount normal on an FHA loan?
Wednesday, February 24th, 2010I am working with a lender on an FHA loan in Orlando, FL. The rate is 5.59 and the Excellent Faith Estimate states that the lender is asking for !.000 for a loan origination fee and 1.000 for a loan discount. Does this mean my 5.59 percent is now 7.59 percent? Is this allowed on an FHA loan? What is the likelyhood of getting a smaller fee elsewhere? I have a list of approved lenders to use- should I contact more and get other estimates. Help!!! This is my first home buy and I’m not sure what to do. I have 20% to place down from grants and gift funds. The excellent faith estimate still lists mortgage insurance…shouldn’t this be unnecessary with 20% down?
Tags: discount, estimates, fha loan, FHA Mortgage, good faith estimate, grants, insurance, lenders, likelyhood, loan, loan discount, loan origination fee, mortgage insurance, normal, origination, orlando fl, pointsFHA Mortgage Insurance Premium Comparison
Tuesday, February 23rd, 2010
This video is going to illustrate how much of a difference the increased the Up Front Mortgage Insurance will do. It will increase from 1.75 o 2.25%
Mortgage question. Please help!?
Tuesday, February 23rd, 2010Which is better? Both are FHA, 30-year fixed mortgages.
One lender is offering 6.25 interest rate with 1 point; the other 6.375 interest rate with no points.
The property is listed at 150k. We’re putting down 3% and having the seller pay closing costs. Taxes are 205.33 a month (NJ), $77.00 a month Association fee. Mortgage insurance is 60.71 a month.
Both have application fees that are comparable. Please help!!!
I am preapproved with both lenders.
I reckon I’ll go with the 6.25 and 1 point since I’m not paying for it. We plot to stay in the home for at least 5 years.
Anyone else?
If the seller is paying the point, why are people saying the higher rate is better?
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