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Mortgage insurance rates

Are PMI rates affected by credit score, like mortgage rates? Also, where do I find the insurance? is it by a private provider unless i'm doing a government loan or something by junelee7566361 from Palo Alto, California. Jul 30th 2014 Reply


Pete Bass (PeteBass)
#30 ranked lender in Connecticut - 476 contributions

Mortgage Insurance rates are affected by many factors. Credit score is one of the them. ( loan to value is another). There are several PMI companies out there.Your lender of choice has relationships with PMI companies and they are the ones who order the insurance on the loan that you are taking out.

Jul 30th 2014
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Larry Gray (lgray_312_247)
#597 ranked lender in California - 1,139 contributions

PMI rates, for a conventional loan, are affected by credit score. You will get a better monthly payment based on your fico credit scores, and how much you put for a down payment (i.e. 5%, 10%, or 15%.) I use one of several different PMI companies I can choose from for my clients. You can experiment on what your rate might be yourself online with Radian. They have a "rate finder" in which you put in the required information, including credit score and it will give you a "factor" to determine rate by. I would be happy to do so for you. Yes it would be a private provider unless you are doing a government loan. Let me know via my profile!

Jul 30th 2014
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

MI rates are based on many factors.. Property type, loan to value, credit scores, etc.. There are several companies that offer MI, but your lender has their own approved list.. getting the policy and submitting the policy for underwriting approval is done by your broker.. there is no "shopping " for the best rate with MI.. it is what it is.. I hope this helps.. .. 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

Jul 30th 2014
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

Depends on the loan. For example, all FHA loans and USDA Rural Development loans have the same PMI rate regardless of credit score or down payment size. Conventional loans on the other hand vary based on many factors, including down payment, credit score, residual income, loan type, previous bankruptcies or foreclosures, and even if there is one or two borrowers on the loan. Then there are a few different PMI companies, who treat each file slightly differently. I look at 6 PMI companies everytime I quote a client, to get them the best possible prive mortgage insurance quote. In MN, WI, and SD, visit www.JoeMetzler.com

Jul 31st 2014
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Marty Stern (rubicon1020)
#439 ranked lender in California - 74 contributions

Hi- I'm with HomeStreet Bank here in the Bay Area (CA), and as mentioned by the other agents, credit score and loan to value are some of the factors that determine the rate set by the mortgage insurance providers. Some companies also have lower or higher rates than the others. Plus, HomeStreet offers Lender Paid Mortgage Insurance on many of our loans, where you can select a slightly higher interest rate that will in effect pay off the mortgage insurance for you (and you thus won't have monthly MI). If I can provide any more information on this, please call, Marty Stern, 707-364-4115

Jul 31st 2014
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions

Yes PMI rates are effected by Credit score amongst other variables mentioned in these answers above. We lend in CA and would be glad to shop around for the best deal in the country for you! Ralph Guertin 954-274-7725 or email at ralph@absolutelowrates.com

Jul 31st 2014
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