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Are PMI fees negotiable?

How do I know I am getting the best price? by josephland709 from Bloomfield, Connecticut. Nov 4th 2015 Reply


Dotty Owens (do1025)
#25 ranked lender in Connecticut - 18 contributions

Hi Joseph,PMI fees are not necessarily negotiable, however there are many different options available for PMI today. PMI rates depend on the amount of money you are putting down on the property, the PMI company that the Lender you are working with uses, whether you are going with an FHA or Conventional Mortgage and whether you are paying the PMI monthly or the PMI is Lender Funded. You will need to ask the Lender you are working with to determine who that Lender works with and what options are best for you when you determine which one is cheapest and whether you are getting the best deal or not. Good Luck. Dotty Owens, C.U. Members Mortgage Corp.

Nov 4th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 contributions

No.. PMI fees are what they are.. however there are ways to fool you.. Lenders have different types of MI.. there's Lender paid upfront, lender paid monthly, split premium, borrower paid monthly, and borrower paid up front.. This is accomplished by raising your interest rate, so effectively, regardless of how it is pitched, it's YOU paying the MI... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 4th 2015
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Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 596 contributions

PMI fees are not negotiable. They are determined based on your credit score, loan to values, and more. Also you can do what is called lender paid MI or borrower paid MI. With rates still historically low, i do not recommend lender paid. The rate is inflated to cover what the MI would be. The only way to get rid of the lender paid MI would be to refinance it. But with borrower paid MI you can have the MI payment go away once you get to a minimum 20% equity in the property based on the appraisal that was used at the time of the transaction.

Nov 4th 2015
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Chris Neuswanger (mtnmortgageguy)
#94 ranked lender in Colorado - 84 contributions

I would have to agree with the below comments. If you are in Colorado I would be happy to discuss your situation and be sure you are being offered a good interest rate and terms. My web site is www.mtnmortgageguy.com

Nov 5th 2015
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