do conventional mortgages have pmi insurance?

Yes if you are putting down less than 20% you will have some sort of Mortgage Insurance, The amount you pay will depend on how much you are putting down , your credit score and qualifying ratios. If you would like to call me at 860-836-6952 I would be glad to explain the process in greater detail based on your specific needs

Yes, Conventional mortgages require pmi but the mortgage insurance is lower than FHA. I am a local ct mortgage broker. Please call me at 860-770-7826 for more info.Thanks,Janet

You can finance as little as 5% down with NO PMI. If you would like to learn more, call my office @ 203.221.2661

FHA does always require mortgage insurance, both upfront and an annual renewal, on a 30 year amortization. Conventional loans with 20% down or more do not require PMI. Less than that you'll have choices of paying monthly, a single premium or an adjusted rate may alleviate these both.

Hi there! All mortgages will require you to pay mortgage insurance if you do not put at least 20% down on a mortgage. A conventional mortgage would require a minimum down-payment of at least 5%. A conventional mortgage is most likely a better way for you to go than FHA (depending on your credit score). The monthly FHA mortgage insurance payment will be something you pay for as long as you are in the mortgage. The payment never goes away as you pay down your mortgage. Prior to the change to FHA mortgage insurance in June 2013, the monthly mortgage insurance payment would automatically go away once your loan reached 78% of what you paid for your home. Now, the monthly payment never goes away unless you were to refinance out of FHA down the road. With a conventional mortgage, the mortgage insurance is less than FHA and this monthly payment will eventually go away automatically once your loan reaches 78% of your homes purchase price. Rates are slightly higher with a conventional mortgage than FHA, but the monthly mortgage insurance is less. Your total monthly payment with a conventional, however, will be less than FHA (again depending on your credit score). There are also different options for you to pay the conventional mortgage insurance. You can have it as a monthy payment, finance it into your loan and not have a monthly payment, or build the insurance into your interest rate which keeps your loan amount the same and also without having monthly mortgage insurance payment. Either way you will be required to pay mortgage insurance with a conventional mortgage with less than a 20% down-payment. Hopefully this was helpful to you! Good luck! If you need anything else or have any additional questions, we are right here in Milford for you. Sincerely, Robert 203-530-2674

If you put less than 20% down, YES, you have to deal with mortgage insurance. You can pay it monthly, or you can pay it lump some up front, or we can put it into your interest rate. www.Minneapolis-Mortgage.net

If you are a 1st time home buyer there are programs that if you qualify do notHave mortgage insurance - call me @ 203-788-2619 or e mail pbass@nvsl.com- I would love to help

And yes putting a little more down to make the 5% down-payment will save you much more over time. And you will still have a good amount of funds to pay down your car considerably which is also a good idea. Glad to hear your DTI is so low. Smart and good for you for purchasing so wisely. You'll have monthly funds then to put away towards your (one day) retirement. Good luck and congrats

If you are a 1st time homebuyer you may be eligible for state specific programs thatallow you to NOT have to pay for mortgage insurance and provide down payment and closing cost assistance. Please call 203-788-2619 or e-mail me at pbass@nvsl.com so that I can let you know in detail about the options you may qualify for.

If you are putting less than 20% down, then yes, conventional does have PMI. However, if you have good credit and the ability to put down 5% instead of 3.5%, the PMI terms would likely be better with conventional. Plus, conventional PMI has flexibility in how it charged (upfront, financed in, included in your rate or paid monthly) than give you more options to meet your financial goals. Additionally, Conventional PMI can fall off after time and FHA PMI stays for the life of the loan. Your REALTOR was very smart to suggest you consider your loan type options.

Again, very happy to speak with you regarding all your questions to evaluate & implement the best financing per your overall financial concerns & objectives. 5% down NO PMI is a great options which is available to you. I am in Westport, my company is GC Financial Services. Ask for Brad.203.221.2661