Look at the Good Faith Estimate to see if it has a monthly PMI payment.
If you dont have one for the LPMI product then you should ask for it before signing.
Remember that signing a lock in agreement really doesnt mean much.
You can have a 6.25%....but if you dont lock in the points then the paper is worth nothing. You can receive a 6.25%...but what if they decide to charge extra points for it later on?
Quote:
Originally Posted by darkblue
I got lockin confirmation document from lender in email today. It says 30 days fixed , 6.25% but does not say about LPMI . There is a point which says need to pay mortgage insurance and the box is checked.
I asked lender about this, he said 'yes, but we cover the mortagge insurance' and he said he will search for document which says about LPMI and send it to me.
Is he sending the right document to me? I want to see Lender paid mortagge insurance in doc i receive. Can i go ahead and sign it?
What else i need to see in a locikin confirmation
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