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Mortgage Insurance Rates - The Bills.com Blog
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Mortgage Insurance Rates
Thursday, Apr 26, 2007
Question: Can you give me examples of what impacts my PMI or mortgage insurance rates? And, does my credit score impact my PMI rate?
Answer: I will give you a couple of examples relating to PMI rates at various FICO scores. Keep in mind that there are many variables that can affect your PMI rates in addition to FICO scores:1.Down payment (a lower down payment will increase the PMI rate you are required to pay).
2.Type of loan (an ARM will typically have a higher PMI rate than a fixed mortgage, a second home will have a higher rate than a primary residence, etc.).
3.The amount of insurance coverage (expressed as a percentage of the loan
balance).
To keep things consistent, I’ll give you an example of a $210,000 house/primary residence. The buyer has put 5% down, leaving ~$200,000 in an adjustable rate mortgage. The PMI coverage is 25%.
The approximate rates at the following FICO scores
To keep things consistent, I’ll give you an example of a $210,000 house/primary residence. The buyer has put 5% down, leaving ~$200,000 in an adjustable rate mortgage. The PMI coverage is 25%.
The approximate rates at the following FICO scores
would be:
620+, 0.77% ($128 per month)
600-619, 1.47% ($245 pe rmonth)
575-599, 2% ($333 per month)
A pretty big difference!
To get a free mortgage quote and see if you can save, click here:
Free Mortgage Quote
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www.bills.com
620+, 0.77% ($128 per month)
600-619, 1.47% ($245 pe rmonth)
575-599, 2% ($333 per month)
A pretty big difference!
To get a free mortgage quote and see if you can save, click here:
Free Mortgage Quote
I hope this helps you Find. Learn. Save.
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
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1. Posted by eviehayes on Sunday 8th February 2009 03:27
I have high credit balances due to Hurricane Ike and unexpected expenses. Is there a way I can be considered for a lower rate due to this natural disaster and the need to utilize my credit cards until Settlement from insurance is awarded? I have R-1's and I-1, etc and paid as agreed credit reports. I want to purchase another house once this is settled and I pay off my present mortgage. My income is approx $38,000 with dividends also from stocks and stock holdings fluctuating.
2. Posted by Bill on Monday 9th February 2009 09:44
You will need to discuss this with your current mortgage lender and other creditors.
3. Posted by mike moehling on Monday 5th October 2009 13:42
is insurance on an empty lot hard to get or expencive in port bolivor thanks mike
4. Posted by Bill on Monday 5th October 2009 18:19
Call a few insurance agents in Port Bolivor and ask. The rates will vary with teh size of the lot and its location. "Expensive" is a relative term and depends on a risk analysis.