Re: Down Payment -- PMI

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Posted by Traci on February 21, 1999 at 12:11:11:

In Reply to: Re: Down Payment posted by Matt on February 18, 1999 at 14:05:44:

We just bought our first house too (we close soon). The best advice I can give you is to be smart about all the ridiculous fees they are going to try to sneak in to your financing package -- the first being PMI. Refuse to pay it. It adds a lot to your mortgage. Basically, PMI is an insurance policy that you buy for their business in case you don't pay them back! I wonder what my clients would say if I told them they had to pay for the insurance policy on my business?

There are ways to get around PMI, one being an 80-10-10 loan. We reduced our monthly payment by nearly $700.00 by refusing to pay PMI, and refusing to escrow.

Good Luck
Traci

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Comments:
: We just bought our first house too (we close soon).  The best advice I can give you is to be smart about all the ridiculous fees they are going to try to sneak in to your financing package -- the first being PMI.  Refuse to pay it.  It adds a lot to your mortgage.  Basically, PMI is an insurance policy that you buy for their business in case you don't pay them back!  I wonder what my clients would say if I told them they had to pay for the insurance policy on my business?

: There are ways to get around PMI, one being an 80-10-10 loan.  We reduced our monthly payment by nearly $700.00 by refusing to pay PMI, and refusing to escrow.

: Good Luck
: Traci


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