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Looking for a conventional mortgage, 5% down in Alabama

with no PMI or low pmi if possible by eriksoncainley44521 from Montgomery, Alabama. May 27th 2015 Reply


Tyler Tullis (tyler.tullis@htlenders.com)
#21 ranked lender in Alabama - 2 contributions

I can help. Call 647-1900 or apply online at 6471900.com.

May 27th 2015
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Wes Dean (wesdean87@gmail.com)
#25 ranked lender in Alabama - 1 contribution

I am available to answer your questions. We are an approved lender with Fannie, FHA, VA and USDA. Call me @ 251.421.6762

May 28th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

Don't fool yourself.. if you have less than 20% down, then you will have to pay PMI.. There are other programs that can hide the cost of PMI, but make no mistake.. it's you paying it.. There are "Lender Paid" PMI options, but all this means is that the lender is charging you a higher rate but you will not see a premium for MI.. but again, it's you paying in the form of a higher interest rate.. There's also "Upfront MI" which is a one time fee paid upfront, but no mi for the life of the loan.. this again is you paying.. Your far better off paying MI, and once you have paid MI for 24 months, and obtain 20% equity, you can ask the lender to remove the MI.. you will have to pay for an appraisal, but so long as the value is there, it's gone and you don't have to refinance to do it.. Also, if you have really good credit, then the MI premium would be about $52 per month for every $100K financed.. so if your property increases in value and as you make payments to lower your principal balance, then it's quite possible that in 2 to 3 years, you would have sufficient equity to have the MI removed.. but if you go the "Lender Paid" options, it's there for the life of the loan.. and the "Upfront" MI option is non refundable. Your better off paying MI and getting it removed in a few years.. 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

May 28th 2015
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