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Old 05-04-2015, 11:08 PM
 
176 posts, read 133,033 times
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In which loan can I easily cancel PMI? I guess its BPMI correct? Just wanted to confirm.

Also if I get a rate lock on FHA loan can I assume I have an automatic rate lock on all mortgage products at the corresponding prevailing rates on that day I acquired the FHA loan rate lock?
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Old 05-05-2015, 05:00 AM
 
Location: MID ATLANTIC
7,601 posts, read 17,634,581 times
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Yes..... And exactly why one needs to: only use FHA when there are no other alternatives, and, think ahead and evaluate how long you will be in the home. The short term best payment just may not be the best option when PMI can come off the payment in the future. Going in, plan to pay PMI for at least two years.
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Old 05-05-2015, 07:38 AM
 
Location: Southern California
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Quote:
Originally Posted by YelloJacket View Post
In which loan can I easily cancel PMI? I guess its BPMI correct? Just wanted to confirm.

Also if I get a rate lock on FHA loan can I assume I have an automatic rate lock on all mortgage products at the corresponding prevailing rates on that day I acquired the FHA loan rate lock?
I won't say easily, but yes bpmi, what is the payment difference with an FHA ARM versus fixed conventional with bpmi?

Expect to have bpmi for at least 2 years, the last time I checked.

As far as your rate lock question you'll have to ask your lender.
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Old 05-05-2015, 07:43 AM
 
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Why do you ask about FHA ARM. The rates are going to go up right now, doesnt that make ARM bad?

So whats up with this thing that I cannot ever cancel PMI for FHA loan despite > 20% equity? Is it new rule?
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Old 05-05-2015, 07:51 AM
 
Location: Southern California
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Yes that makes arms bad, but if you are planning on refinancing out of FHA anyways, you can pay more to build equity faster.

Yes it is a "new" rule on low down FHA 30 year loans.

Also it is not called pmi for FHA just mi.
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Old 05-05-2015, 11:14 AM
 
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I am going conventional BPMI route with 4.375%. Yay!!!!
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Old 05-05-2015, 12:27 PM
 
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Quote:
Originally Posted by YelloJacket View Post
I am going conventional BPMI route with 4.375%. Yay!!!!
Wow thats a high rate.
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Old 05-05-2015, 01:21 PM
 
176 posts, read 133,033 times
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I am putting just 5% down for 30yrs! I cant expect 4.0% with that can I? Besides I dont like no-name lenders despite the fact that all of them eventually sell my mortgage to freddie-mac fannie-mae
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Old 05-05-2015, 02:54 PM
 
Location: Southern California
4,350 posts, read 4,935,999 times
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Don't want to go with then 2nd loan route?
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Old 05-05-2015, 05:13 PM
 
1,049 posts, read 2,400,463 times
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Quote:
Originally Posted by YelloJacket View Post
I am putting just 5% down for 30yrs! I cant expect 4.0% with that can I? Besides I dont like no-name lenders despite the fact that all of them eventually sell my mortgage to freddie-mac fannie-mae
I got 3.75% locked about a month ago for 5% down, I don't know how much rates have went up since then.
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