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First one I priced out with Arch MI company offered a .26 price factor (BPMI), when Radian & MGIC were at .39, huge savings. Then today, my Radian and MGIC price updates reflected significantly reduced rates. Seems to be a race to the bottom among MI companies, and I'm not complaining.
Borrowers, if you have a conventional loan in process that will have Mortgage Insurance, ask your lender to re-price, perhaps with one of the companies mentioned above, it can result in some serious savings, or even help you qualify if your debt ratio is tight.
First one I priced out with Arch MI company offered a .26 price factor (BPMI), when Radian & MGIC were at .39, huge savings. Then today, my Radian and MGIC price updates reflected significantly reduced rates. Seems to be a race to the bottom among MI companies, and I'm not complaining.
Borrowers, if you have a conventional loan in process that will have Mortgage Insurance, ask your lender to re-price, perhaps with one of the companies mentioned above, it can result in some serious savings, or even help you qualify if your debt ratio is tight.
Everybody have a good weekend.
Yep, the stake is now nailed into the heart of FHA. MGIC reduced rates are effective 4/4/2016.
And another tidbit, credit union MI rates are 20% - to 30% lower than bank rates. .052 doesn't seem like a lot, but every penny counts.
First one I priced out with Arch MI company offered a .26 price factor (BPMI), when Radian & MGIC were at .39, huge savings. Then today, my Radian and MGIC price updates reflected significantly reduced rates. Seems to be a race to the bottom among MI companies, and I'm not complaining.
Borrowers, if you have a conventional loan in process that will have Mortgage Insurance, ask your lender to re-price, perhaps with one of the companies mentioned above, it can result in some serious savings, or even help you qualify if your debt ratio is tight.
Everybody have a good weekend.
When you say .26 you mean .26 percent of the house value, so for a mortgage of $100k the PMI would be $260 a year? Or a month?
When you say .26 you mean .26 percent of the house value, so for a mortgage of $100k the PMI would be $260 a year? Or a month?
Loan amount x .0026/12 = monthly MI
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