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Old 07-13-2012, 09:57 PM
 
217 posts, read 788,339 times
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What is everyone paying for Mortgage insurance?

I got a few different quotes with some range such as ~$550K w/ 5% down and $265 per month and another at $320 per month with 10% down. Is this negotiable at all? Can the bank/financial institution shop around?
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Old 07-17-2012, 04:49 AM
 
Location: MID ATLANTIC
8,422 posts, read 21,686,482 times
Reputation: 9947
Quote:
Originally Posted by SAgosto View Post
What is everyone paying for Mortgage insurance?

I got a few different quotes with some range such as ~$550K w/ 5% down and $265 per month and another at $320 per month with 10% down. Is this negotiable at all? Can the bank/financial institution shop around?
Mortgage insurance is unique to each situation so much more goes into the quote besides the LTV.......some companies have a better rate or allow for something another insurer won't. But like big banks, there's only 4 or 5 players and not much choice and not much difference. You may find the others are $5 or $10 more and that's if your mortgage company is signed up with them........not everyone signs up with every company. Each has a different bond rating.
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Old 07-17-2012, 06:47 AM
 
217 posts, read 788,339 times
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Moderator cut: refers to deleted post

Quote:
Originally Posted by SmartMoney View Post
Mortgage insurance is unique to each situation so much more goes into the quote besides the LTV.......some companies have a better rate or allow for something another insurer won't. But like big banks, there's only 4 or 5 players and not much choice and not much difference. You may find the others are $5 or $10 more and that's if your mortgage company is signed up with them........not everyone signs up with every company. Each has a different bond rating.
Interesting. The broker that I am working with is pricing me at .74% of the purchase price but also has an option to eliminate PMI with an upfront fee of 1.5% of the purchase price. I am going to take that route as it is a higher savings for me.

Last edited by Debsi; 07-17-2012 at 12:10 PM..
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Old 07-24-2012, 06:22 AM
 
Location: Plano, Texas
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why not do a first and second that way you have no mortgage insurance, and you can choose not to escrow taxes and insurance.
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Old 07-30-2012, 08:47 PM
 
217 posts, read 788,339 times
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Originally Posted by VictorBurek View Post
why not do a first and second that way you have no mortgage insurance, and you can choose not to escrow taxes and insurance.
It's an option. I'd have to do the #s on the increased APR to see if it is worth it. The up front fee to eliminate MI all together is a nice option.
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