What is PMI?
PMI stands for Private Mortgage Insurance. The easiest way to describe it is an insurance policy that you pay for, which protects the lender in the event of a default ( the lender can sell the property at a discount for a quick sale, then get re-imbursed by the insurance company for the difference) PMI is...

Fha mortgage co-signer question
I would highly recommend finding a new loan officer. Any professional who advises you to commit fraud is obviously not acting in your best interest and is part of the problem in the lending community. There are plenty of loan officers willing to assist you with an above-board transaction that will not...

Should I refinance?
First off, your loan amt would be a jumbo and therefore not eligible for FHA. I have several investors that offer jumbo loans at aggressive rates, and it may be possible to avoid PMI entirely. As to the question of is it worth it to refi, that would depend on the amount of savings vs the costs of the...

IN this rate environment which os better 40 or 30 year fixed?
Payment would be lower because it is a longer term, BUT the savings may not be worth it long term beacuse a) you are spreading your payments out another 10 years which equals more total interest paid and b) in most parts of the country the 40 yr is considered a specialty product and the rate is higher than a...