Do you have to pay PMI if you get a conventional mortgage?

I'm happy to help you with all options with any loan product available for your scenario. The answer is Yes in most cases if your Equity is not at least 20%. There are options for Lender Paid MI which means you would be offered a higher interest rate than one where you would pay the Monthly MI. I'm here in Dartmouth, MA and happy to help you directly! Please email me directly for more assistance! Thank you!

It depends.. If you put 20% down, you will not pay MI at all.. If you put less than 20% down, there are varying options for MI.. Borrower paid, lender paid, single premium paid up front, and split MI.. all have different advantages and disadvantages.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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. 480-287-5714 WilliamAcres.com

Any conventional loan over 80% loan to value requires PMI unless you have a lender that is willing to do what is called LPMI which means the lender pays it for you. Sounds good right, well that depends, when you choose LPMI your rate will be higher, that's how the lender pays for it. You need to look at both options to see what is most cost efficient for you. Call us or email us at 201-962-3555 or Team@BestMortgageOption.com if you have any questions. Ask for Michelle or Benny You can check us out at www.BestMortgageOption.com

Thanks for your question. Many lenders can offer the Finance Single Premium Option or you can take a loan with a higher rate to avoid PMI. Please feel free to contact me with any other questions. I can be reached at any of my contact numbers listed below. Steven N Taylor-President/Loan Officer MLO#4349 First Northern Financial Group, Inc. MBL#1537 980 Eddie Dowling Highway N.Smithfield, RI 02896 Office: 401-762-8140 Ext. 202 Mobile: 401-595-2558 Fax: 401-762-8141 Email:staylor@fnfgroup.com Website: wwwfnfgroup.com

PMI is only required on conventional loans if you are borrowing more tha 80% of the homes appraised value. There are some refinance cases where the loan amount can exceed that 80% threshold if the loan being paid off qualifes for HARP.

If you do not have a down payment of at least 20 percent with a conventional loan, you will be required to pay PMI until you build 20 percent equity.

Mortgage Insurance is required if your loan to value is above 80%. With a credit score above 740 and at least 10% down, the mortgage insurance (30 Year Fixed Rate Purchase Loan) would have a factor of appx .5%. Multiple .5% times your loan amount and divide by 12. That would give you the monthly mortgage insurance added to your payment. By way of comparison, the FHA factor is 1.25%. So good credit and 10% down goes a long way to reducing the the MI payment. Contact one of the Lender 411 mortgage professionals in your area. I know they can help you. Good Luck.

Hi If you do not have 20% equity left in property or do not puyt down 20% on a purchase then yes you would have PMI but you do have options to buy it out as a lump sum or finance it in so please call me to discuss. 508 802 0935

MPRALL;you need PMI on your mortgage if you do not have 20% downpayment. We do have programs with No PMI for less than 20% down payment, in those instance, the mortgage rate is slightly higher.Give me a call if you have any questions 978-502-3007 or email me jsarkisian@greenparkmortgage.com

if your loan to value is over 80% YES. There are several options available, please contact one of the brokers from our panel to guide you in the right direction that lends in MA.