Mortgage Insurance Rates

Bills.com > Mortgage > Mortgage Questions > Mortgage Insurance Rates
READER QUESTION

What impacts my PMI?

Read full question
Bills.com Resident Expert
Dec 12, 2011
BILL'S 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 would be:

620+, 0.77% ($128 per month)

600-619, 1.47% ($245 per month)

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 information helps you Find. Learn & Save.

Best,

Bill

Bills.com

Comments (4)


Avatar
Bills.com
October 05, 2009
Call a few insurance agents in Port Bolivor and ask. The rates will vary with the size of the lot and its location. "Expensive" is a relative term and depends on a risk analysis.
Avatar
Mike M.
October 05, 2009
is insurance on an empty lot hard to get or expencive in port bolivor thanks mike
Avatar
Bills.com
February 09, 2009
You will need to discuss this with your current mortgage lender and other creditors.
Avatar
Eviehayes .
February 08, 2009
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.
Thanks for your feedback!

Get a Rate Quote

 
  • Articles
  • Ask Bill
  • No Cost Mortgage Refinancing Explained

    No Cost Mortgage Refinancing Tips and Advice So That You Can Get the Best Refinance Loan.

  • Important Mortgage Loan Terms

    Mortgage loan terms can quickly become confusing. Having a better understanding of the language and terminology involved with a mortgage loan will ease the entire process.

  • Wells Fargo Home Mortgage

    Wells Fargo Home Mortgage makes home-financing easy.

  • Buy a Home with an FHA loan

    Learn How An FHA-Insured Loan Can Benefit You, When You Are Looking to Buy a Home.

  • Bank of America Refinance

    Should I refinance my home with Bank of America?

  • Debt Consolidation

    Debt Consolidation and How to Consolidate Debt - Tips and Advice to Help You Make a Wise Decision.

  • Refinance My Home

    "Help Me Refinance My Home" -- What you need to know.

  • US Bank No Closing Cost Refinance

    Can I get a no closing cost refinance with US Bank if I'm a customer?

  • Debt Relief

    Debt Relief Options | Learn about and compare all debt relief options, including: Debt Consolidation, Credit Counseling, Debt Settlement and Debt Relief Consolidation Loans - Compare All of Your Debt Relief Options for free at Bills.com.

  • Fifth Third Bank Mortgage

    At Fifth Third, we work hard to be a successful, principled, involved financial institution that serves its customers and community. Since its beginning, Fifth Third has provided superior customer service and followed sound banking principles.

  • Washington Mutual

    Washington Mutual offers mortgage loans across the western United States. See how they are rated by Bills.com and by their own users.

  • Government Debt Relief

    What you need to know about Government Debt Relief and Grants.

  • US Bank Home Mortgage

    US Bank Mortgage is home of the Five Star Service Guarantee. See what Bills.com rated US Bank Mortgage, and add your own personal feedback and rating.

  • HSBC Mortgage

    HSBC Bank USA Inc. is one of the nation\'s 10 largest banks. HSBC Mortgage offers a full suite of mortgage and refinance loan products. Read what our users have said and how they rated HSBC Mortgage.

  • Bankrupcty

    Bankrupcty

  • Bank of America Mortgage

    As one of the nation's mortgage leaders, Bank of America Mortgage maintains strong client relationships with responsiveness, innovation, and market knowledge. Bank of America offers a variety of loan products, including home purchase and refinance loans.

  • Debt to Income Ratio

    What is the maximum debt to income ratio one can have when getting a loan.

  • Credit Counseling

    Learn the Pros and Cons of Credit Counseling Services, and How to Make Credit Counseling Work For You.

  • Chase Mortgage

    Chase Mortgage is committed to building vibrant communities, preserving our environment and promoting an inclusive culture that benefits our shareholders, customers, employees, neighbors and future generations.

  • Consolidate Debt

    Consolidate Debt & Consolidate Bills: The Debt Tips You Need to Know.

  • PHH Mortgage

    PHH Mortgage is one of the top ten originators of retail residential mortgages in the United States. Their goal is to provide you with the superior service you deserve, guaranteed.

  • FICO Score Calculation

    How do I figure my FICO score?

  • Home Refinance Options

    Explore Your Options to Tapping Into Your Home Equity Including a Cash-Out Refinance or HELOC.

  • National City Mortgage

    National City Mortgage is one of the nation\'s largest financial holding companies. They offer a full line of mortgage products, including refinance, purchase loans, debt consolidation and all mortgage products.

  • Refinance for more than 100 percent LTV

    Bill answers a users question: Will I still be able to do refinance if my loan to value is over 100 percent?

Thank you for subscribing!