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10-04-2008, 05:39 PM
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Member
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Join Date: Jun 2008
53 posts, read 88,274 times
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financial advisors help! which mortgage plan is better?
we were offerred 2 different mortage plans (30 year fixed) from same bank:
1. 5.875% with PMI
2. 6.5% without PMI
looking for all opinions/advice/suggestions!!!!!
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10-04-2008, 05:51 PM
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Senior Member
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Join Date: Mar 2007
Location: Island of long
1,559 posts, read 1,014,656 times
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It all depends on how much the PMI insurance is. Do you know the amount of the PMI insurance? Is the 6.5% rate with no points?
Quote:
Originally Posted by lawoman4368
we were offerred 2 different mortage plans (30 year fixed) from same bank:
1. 5.875% with PMI
2. 6.5% without PMI
looking for all opinions/advice/suggestions!!!!!
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10-04-2008, 05:54 PM
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Member
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Join Date: Jun 2008
53 posts, read 88,274 times
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we were told that PMI would cost $210/month and the 6.5% is with no points
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10-04-2008, 07:17 PM
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Senior Member
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Join Date: Mar 2007
Location: Island of long
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This is a close one. Will you be able to put down extra payments on the 6.5% fixed rate? And Im assuming that these are both 30 year mortages. Right?
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10-04-2008, 07:19 PM
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Member
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Join Date: Jun 2008
53 posts, read 88,274 times
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maybe here and there, maybe one extra payment a year. yes both 30 yr fixed!
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10-04-2008, 08:55 PM
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Senior Member
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Join Date: Feb 2008
Location: Kings Park & Jamesport
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I would go with the cheaper rate and in a few years or alot of fixing up....you can get the PMI removed.
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10-05-2008, 05:12 PM
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Senior Member
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Join Date: Mar 2007
Location: Island of long
1,559 posts, read 1,014,656 times
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I would take the rate w/ the PMI insurance too. If you pay an extra payment a year and have a appreciation of 4%/yr. the PMI should be removed in about 4 to 5 years(If my math is correct).
Good Luck.
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