how is my mortgage insurance rate determined

your MI rate is based on several factors.. but primarily 2.. your credit score and the amount of down payment.. if you put 20% or more down, you will not pay MI.. and if you do pay mi because you didn't put 20% down, then the premium is based on your loan to value and your credit score.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Your Mortgage Insurance is based on two main factors, your score and the Loan to Value ratio. The higher your credit score, the lower your Mortgage Insurance factor will be. The lower the Loan to Value ratio is the lower your Mortgage Insurance factor will be. This is true for Conventional loans. I would be happy to discuss further and help you determine that best option for you. email me at: jarrod.mcomie@snmc.com.

Great question Kevin, there are a lot of variables for the PMI on a conventional loan, just like with mortgages. The cost is "tiered" based on your credit score and the downpayment (5%, 10%, 15%) and the cost is lower based on the downpayment. For my customers with the ability to put more down I usually structure the loan so there is not a monthly PMI payment. There are also other ways that a knowledgable mortgage lender will look at to get your the best overall cost based on your qualifications and that amount of cash you have to work with. I can help: pdumouchel@primelending.com or 843-619-6025 http://pdumouchel.primelending.com **PrimeLending was the #4 purchase mortgage lender in the US in 2012 and 2013 as determined by MarketTrac(c) for Jan-Dec 2012 & 2013

Your Mortgage Insurance will go down in proportion to a larger down payment. It's also effected by your credit score and the company that is issuing it. It's smart to be thinking about Mortgage Insurance - be sure to ask your lender about Single Pay vs. Monthly Pay - if you are going to be in the house for a while, Single Pay is very attractive and could save you a lot of money.