Mortgage/PMI ?

[Holden]

Perfect credit. Please tell me the best approcah around PMI and any other fees/costs. Lender suggestions welcome.

 

[heritage]

I would need more detail to properly answer your question. How much are you able to put down, what are your credit scores, are you talking about a new loan or getting rid of the PMI on an existing loan? Feel free to call me if you would like, I am Brooks Hiller @ heritagemortgage.comcast.net phone is 936-258-8040.

 

[Holden]

Posting for a friend/ She will need to call you on exact scores. She is able to put down anywhere from 0 - 20%, just depends. Stretching to 20% would only be to avoid PMI.

Any other practical suggestions?

 

[madscientist]

either put down 20% or do an 80/10/10. the second should not be a problem with "perfect" credit. assuming she can prove employment, income, assets, yada yada yada. talk to heritage for more details.

 

[ninerhorn]

you can add a second lien to avoid MI or put down 20%.

you can also do what is called lender paid MI but rates on those loans are a little higher.

If you like, your friend can email or call me

512-350-6746

[email protected]


happy to answer any questions you have.

good luck

 

[PacSER]

BoA has a no PMI loan out right now..
The Link

 

[Holden]

That BoA mortgage looks promising. I'll pass everyone's info along.

 

[wherzwaldo]

Just FYI, you have to put 10% down to get the no-fee stuff. Any less and it's just their regular mortgage product.

 

[ChiroHorn]

If she can indeed afford to put down 20%, I recommend she do it. And get a 15 year fixed mortgage too.

 

[ninerhorn]

FYI,

on the BofA deal. When you go in and give a little info, the rate they offer has over 1% in discount (buydown) on the loan that will not be covered by BofA.


good luck on everything.

 

[veggieboy]

They just changed the BofA deal. It used to be 5% down, then in July they changed to 10%.

I got in on the 5% down and it worked out very well for me.