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Old 07-25-2013, 01:24 PM
 
9 posts, read 10,688 times
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Hi,

Is the pmi, principal and interest component listed in the gfe final? Or should i expect any surprises at time of closing? Reason i ask is one of the lenders is offering considerably less pmi for me than the other. Not sure if they are working with different insurance companies or there is something ishy. Pls respond as I want to make a decision soon.

Thanks.
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Old 07-25-2013, 02:05 PM
 
Location: NJ
20 posts, read 45,313 times
Reputation: 15
When PMI is involved we lenders have different companies we use for the insurance. Make sure the loan amount, credit score etc are matching on the quotes as that will change the quotes.

The GFE would not have it, your Truth In Lender disclosure (TIL) will.
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Old 07-25-2013, 02:43 PM
 
Location: Austin
7,205 posts, read 18,835,557 times
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I've recently had a couple of buyers who wanted to pay the PMI upfront. In their cases, the amount was on the GFE. Also, you mentioned one was offering "considerably less". I found out yesterday that PMI is also priced by refundable vs nonrefunable. Nonrefunable PMI is considerably less than refundable PMI. Some people will pay more up front in order to get some back later if they sell sooner rather than later.
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Old 07-25-2013, 02:48 PM
 
3,781 posts, read 8,199,221 times
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Quote:
Originally Posted by homebuyer_613 View Post
Hi,

Is the pmi, principal and interest component listed in the gfe final? Or should i expect any surprises at time of closing? Reason i ask is one of the lenders is offering considerably less pmi for me than the other. Not sure if they are working with different insurance companies or there is something ishy. Pls respond as I want to make a decision soon.

Thanks.
What if you asked your loan officer to walk you through the documents? Do you think that might help?
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Old 08-01-2013, 04:19 PM
 
Location: New York
2,251 posts, read 4,473,902 times
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Quote:
Originally Posted by Pfhtex View Post
What if you asked your loan officer to walk you through the documents? Do you think that might help?

Very good advise!!!!!!!

He alone knows your financial situation and the requirements of getting your loan. Much better then cold asking on the internet, to people who know nothing about your situation....

..
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