View Single Post
  #7  
Old 05-30-2013, 2:47 PM
Punisher's Avatar
Punisher Punisher is offline
Vendor/Retailer
 
Join Date: Nov 2009
Location: Orange County, Tustin, CA 92780
Posts: 231
iTrader: 13 / 100%
Default

@Montu - Yes, with 5% equity (and a loan amount under $417k), you can get a conventional loan, eliminating the montly mortgage insurance payments. Instead of you paying the mortgage insurance every month, we have the bank pay for a one time insurance premium; it's called LPMI or Lender Paid Mortgage Insurance. And this can be done as a no cost loan as well, where the lender pays for all the costs, the new loan balance is equal to your old loan balance. Your credit score and the amount of equity, play a strong influence on what rate you'll get. Sometimes it makes sense, and sometimes you have to wait for the market to come back down. Thanks for the comment!
__________________
Official Calguns Vendor for Real Estate & Home Loans; building reputation of good deals, honesty and supporting the Calguns community. Pm me for your Real Estate needs.

Attention Marines! (and military friendly employers); I'm the new OC rep for www.marineforlife.org, looking to connect transitioning Marines to civilian opportunities; employment, education, etc. PM me if you are a Marine in need, or if you have an opportunity for military members.
Reply With Quote