USAA pmi (loan, approval, credit score, loan)

[AppGirl82]

Does anyone have any experience with USAA PMI? We have an estimate on our loan status page, but the monthly payment is lower than the 0.5% of the loan that is typically quoted. Do lenders use different formulas?

I'm certainly happy with the lower payment, but since these are still quoted as "estimated," I don't want to be surprised closer to closing.

Thanks!

[TimtheGuy]

Originally Posted by AppGirl82

Does anyone have any experience with USAA PMI? We have an estimate on our loan status page, but the monthly payment is lower than the 0.5% of the loan that is typically quoted. Do lenders use different formulas?

I'm certainly happy with the lower payment, but since these are still quoted as "estimated," I don't want to be surprised closer to closing.

Thanks!

There is no typical PMI payment of 0.5%. PMI is based on things like loan to value, credit score, loan type, approval type....

[renriq02]

Tim's right...and it normally changes with the type of program it is.

FHA is 0.5%

MyCommunity/Homepossible have other factors which will depend on what Tim wrote.

Originally Posted by TimtheGuy

There is no typical PMI payment of 0.5%. PMI is based on things like loan to value, credit score, loan type, approval type....