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is 95% ltv refinancing possible with no pmi?

by thekopeckfamily386 from Ferndale, Michigan. Jun 24th 2016 Reply


Yes there is lender paid pm I or you can pay it at close one time and get about a 50% discount from having it monthly. Victor Bals Huron Valley Financial.734-417-2115

Jun 24th 2016
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,414 contributions

I constantly see people asking about getting a mortgage without having to pay MI.. but information is power!! Right? Here's the reality.. unless you have VA benefits available to you, then without 20% down or 20% equity, you will pay mortgage insurance.. regardless of how the loan officer pitches it to you.. With MI.. there are several types.. there's "Single Premium Upfront" MI, this is where you pay a one time fee and it's good for the life of the loan.. There's "Lender Paid Monthly" MI, this is where the lender raises the interest rate and then pay's the monthly MI for you.. then there's a "Split Premium" where you can do a combination of monthly and upfront.. and then there's "Borrower Paid" MI.. But in ever one of these scenarios, it's YOU paying.. either in the form of a higher loan amount, or a higher interest rate, or by paying monthly, but again.. it's you paying.. and with the exception of borrower paid monthly MI,, all of these policies are non-cancelable and non refundable.. the only way to remove the MI would be to refinance.. But here's the reality.. With a 760+ credit score, 5% down or 95% LTV, 30 year fixed rate mortgage, the monthly MI is about $34 per month for every $100K financed.. and once you have paid for 24 to 36 months, and once you have reached 20% equity or more (supported by an appraisal you pay for), then the lender will drop the MI, and you wont have to refinance to do it.. That's ONLY $34 per month for $100K financed.. When you compare all other options, including doing a 80% first, 15% 2nd and 5% down.. you will always come out ahead by PAYING MI.. it really is the lest expensive way to go... 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

Jun 24th 2016
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Mike Silkworth (msilkw_195_870)
#30 ranked lender in Michigan - 527 contributions

If your don't have PMI now and your loan was written before May 2009 - maybe ... Based on your financial goals, there are ways to significantly decrease the impact of your PMI based on how it is structured. I'd be happy to analyse this for you at no charge ... Mike Silkworth - Sr Loan Officer - Union Home Mortgage - East Lansing - 517.489.2328 - msilkworth@unionhomemortgage.com - www.MikeSilkworth.com

Jun 24th 2016
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