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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?
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.
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.
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 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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