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What is the upfront MIP cost?

by nicole75 from Rossville, Pennsylvania. Feb 12th 2016 Reply


It can be as high as 3% of the purchase price. However over the term of the loan of 30 years its a huge savings

Feb 12th 2016
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Justin Murray (JustinMurray)
#102 ranked lender in Illinois - 172 contributions

The information below is wrong, Upfront MIP refers to FHA loans and is 1.75% in all cases unless you are refinancing a current FHA loan and a credit can be applied depending on when the current loan was originated. Justin Murray, JMurray@WintrustMortgage.com (312) 256-4065

Feb 13th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

FHA charges 1.75% of your loan amount.. and it can be financed.. You can also use conventional financing and pay an upfront premium as well, however it's not advisable.. There are many different loan scenarios each with a different type of MI premium.. It's best to sit down with a local mortgage pro and let them look at your complete scenario and explain all your options.. 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

Feb 13th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

Depends on the loan type.Conventional = 0FHA = 1.75%USDA = 2.75%VA (funding fee) - varies.

Feb 15th 2016
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Joe is correct, it depends on the type of mortgage (FHA, USDA, VA or conventional). With conventional there are a variety of alternatives that can affect the monthly PMI cost - if the specific lender offers those options. Really need more details to know how to answer.

Feb 15th 2016
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#137 ranked lender in Florida - 644 contributions

Need more information what type of loan are you looking at?

Feb 17th 2016
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