[ninaprincess]

I just checked aimloan.com and there is nothing better than option 2 or option 3.

[quote=ljinvestor]The rate for option 3 seems pretty good. I know you said 0pts but not sure what your origination fee is and if you are doing escrow/impounds

You can go on aimloan.com to see if its in the ballpark as they consistantly have pretty low rates[/quote]

[ninaprincess]

The loan agent came back and said that there is no time limit of getting out of PMI, you can request cancellation at 80% or it will be automatically when the balance reaches 78% of the home’s original value. If this is the case, is Option 2 better?

These are the two FAQs about the loan #2:

When can I cancel MI?
When the balance on your mortgage reaches 80% of the home’s original value or current
appraised value, you may request cancellation of your MI. You must have a good payment history
with respect to the mortgage, mortgage payments must be current and there can be no other
loans against the home. Some lenders also require verification that the property did not decrease
in value.

Will it get cancelled automatically?
When the mortgage balance reaches 78% of the home’s original value
and payments are current, the lender is required to cancel the mortgage insurance automatically.

[ninaprincess]

The loan agent came back and said that there is no time limit of getting out of PMI, you can request cancellation at 80% or it will be automatically when the balance reaches 78% of the home’s original value. If this is the case, is Option 2 better?

These are the two FAQs about the loan #2:

When can I cancel MI?
When the balance on your mortgage reaches 80% of the home’s original value or current
appraised value, you may request cancellation of your MI. You must have a good payment history
with respect to the mortgage, mortgage payments must be current and there can be no other
loans against the home. Some lenders also require verification that the property did not decrease
in value.

Will it get cancelled automatically?
When the mortgage balance reaches 78% of the home’s original value
and payments are current, the lender is required to cancel the mortgage insurance automatically.

[ninaprincess]

The loan agent came back and said that there is no time limit of getting out of PMI, you can request cancellation at 80% or it will be automatically when the balance reaches 78% of the home’s original value. If this is the case, is Option 2 better?

These are the two FAQs about the loan #2:

When can I cancel MI?
When the balance on your mortgage reaches 80% of the home’s original value or current
appraised value, you may request cancellation of your MI. You must have a good payment history
with respect to the mortgage, mortgage payments must be current and there can be no other
loans against the home. Some lenders also require verification that the property did not decrease
in value.

Will it get cancelled automatically?
When the mortgage balance reaches 78% of the home’s original value
and payments are current, the lender is required to cancel the mortgage insurance automatically.

[ninaprincess]

The loan agent came back and said that there is no time limit of getting out of PMI, you can request cancellation at 80% or it will be automatically when the balance reaches 78% of the home’s original value. If this is the case, is Option 2 better?

These are the two FAQs about the loan #2:

When can I cancel MI?
When the balance on your mortgage reaches 80% of the home’s original value or current
appraised value, you may request cancellation of your MI. You must have a good payment history
with respect to the mortgage, mortgage payments must be current and there can be no other
loans against the home. Some lenders also require verification that the property did not decrease
in value.

Will it get cancelled automatically?
When the mortgage balance reaches 78% of the home’s original value
and payments are current, the lender is required to cancel the mortgage insurance automatically.

[ninaprincess]

The loan agent came back and said that there is no time limit of getting out of PMI, you can request cancellation at 80% or it will be automatically when the balance reaches 78% of the home’s original value. If this is the case, is Option 2 better?

These are the two FAQs about the loan #2:

When can I cancel MI?
When the balance on your mortgage reaches 80% of the home’s original value or current
appraised value, you may request cancellation of your MI. You must have a good payment history
with respect to the mortgage, mortgage payments must be current and there can be no other
loans against the home. Some lenders also require verification that the property did not decrease
in value.

Will it get cancelled automatically?
When the mortgage balance reaches 78% of the home’s original value
and payments are current, the lender is required to cancel the mortgage insurance automatically.

[ninaprincess]

I think I might go with option 3.

One more question, do you think this rate is competitive in current market or I should find more quotes?

Thanks,

[ninaprincess]

I think I might go with option 3.

One more question, do you think this rate is competitive in current market or I should find more quotes?

Thanks,

[ninaprincess]

I think I might go with option 3.

One more question, do you think this rate is competitive in current market or I should find more quotes?

Thanks,

[ninaprincess]

I think I might go with option 3.

One more question, do you think this rate is competitive in current market or I should find more quotes?

Thanks,

[ninaprincess]

I think I might go with option 3.

One more question, do you think this rate is competitive in current market or I should find more quotes?

Thanks,

[ninaprincess]

Hi Yellow,

We are planning to stay 5 to 10 years. We might move to a better area if we can but it is hard to say now.

I am weak in math and statistics so I can’t make the calculations you mentioned. If possible, could you make a calculation based on 7 years that I will stay there?

Thanks,

Nina

[ninaprincess]

Hi Yellow,

We are planning to stay 5 to 10 years. We might move to a better area if we can but it is hard to say now.

I am weak in math and statistics so I can’t make the calculations you mentioned. If possible, could you make a calculation based on 7 years that I will stay there?

Thanks,

Nina

[ninaprincess]

Hi Yellow,

We are planning to stay 5 to 10 years. We might move to a better area if we can but it is hard to say now.

I am weak in math and statistics so I can’t make the calculations you mentioned. If possible, could you make a calculation based on 7 years that I will stay there?

Thanks,

Nina

[ninaprincess]

Hi Yellow,

We are planning to stay 5 to 10 years. We might move to a better area if we can but it is hard to say now.

I am weak in math and statistics so I can’t make the calculations you mentioned. If possible, could you make a calculation based on 7 years that I will stay there?

Thanks,

Nina

[Author]

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