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and monthly MI used to fall off after you reached 78% loan to value with a minimum of 5 years of payments...now MI is for the life of the loan.
If you can, do a conventional loan, they are much better in todays market than FHA.
Agree - are you rushing to pay more, or are you seeking to pay less?
We don't know your situation - is the loan officer that is doing your loan putting you into an FHA mortgage? Have you discussed other options. Have you droped in line "I'm going to ask another lender" if they can get a better loan.
Is the FHA Mortgage the only loan you can qualify for either due to - a low down payment, or a low credit score?
"Victor is spot on" mentioning a convential loan. A conventional loan is a much better loan than an FHA Mortgage.
FHA M/I is for the life of the loan!!!
There will be a point in the future you will want a lower payment. Causing you the refianced, that can cost your $1000's in closing costs or lost equity.
Conventional mortgage having PMI, it can be removed when your LTV gets lower than 77.5%.
Think about this which is better?
Looking at the time (months) to correct items on your credit, or how long it will take you to save up more to apply a larger down payment.
Compeared to (years) how much more you pay and cost you over the lifetime of the loan.
Option (1) is a better option to pursue if you want to spend less over the lifetime of your loan.
Again are you looking to pay more, or are you seeking to pay less?
Last edited by Modification Specialist; 03-06-2014 at 02:47 PM..
It was at one time, when the monthly was far more affordable and 1/4 of today's monthly rate. Ask anyone in the business and they will take the old way over the current way, any day.
It was at one time, when the monthly was far more affordable and 1/4 of today's monthly rate. Ask anyone in the business and they will take the old way over the current way, any day.
SmartMoney - "Very we'll said !!!!"
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