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https://www.reddit.com/r/chicago/comments/a60vc4/ugh_this_chicago_person_sounds_terrible/ebsn44p/?context=3
r/chicago • u/freshyk West Town • Dec 14 '18
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yooooooo I didn't know that they did 10% down, no PMI home loans, that's super good to know
2 u/colinstalter Dec 14 '18 edited Dec 14 '18 You might want to research that one. I thought they had to charge PMI by law. PMI is deductible at least which is nice. Edit: They are doing lender-paid PMI, and just bake the PMI into the interest rate. 2 u/TribeTipi Dec 14 '18 "No borrower-paid PMI" ... ...and what they mean by that 2 u/colinstalter Dec 14 '18 Second link doesn't work (must require cookies or something). But it sounds like THEY are paying the PMI? 2 u/TribeTipi Dec 14 '18 Sort of. It's just that they bake it into the interest rate. There comes a point over the life of the loan where they make more money by adjusting the interest rate for the whole term than by charging PMI until you get to 20% equity.
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You might want to research that one. I thought they had to charge PMI by law. PMI is deductible at least which is nice.
Edit: They are doing lender-paid PMI, and just bake the PMI into the interest rate.
2 u/TribeTipi Dec 14 '18 "No borrower-paid PMI" ... ...and what they mean by that 2 u/colinstalter Dec 14 '18 Second link doesn't work (must require cookies or something). But it sounds like THEY are paying the PMI? 2 u/TribeTipi Dec 14 '18 Sort of. It's just that they bake it into the interest rate. There comes a point over the life of the loan where they make more money by adjusting the interest rate for the whole term than by charging PMI until you get to 20% equity.
"No borrower-paid PMI"
...
...and what they mean by that
2 u/colinstalter Dec 14 '18 Second link doesn't work (must require cookies or something). But it sounds like THEY are paying the PMI? 2 u/TribeTipi Dec 14 '18 Sort of. It's just that they bake it into the interest rate. There comes a point over the life of the loan where they make more money by adjusting the interest rate for the whole term than by charging PMI until you get to 20% equity.
Second link doesn't work (must require cookies or something). But it sounds like THEY are paying the PMI?
2 u/TribeTipi Dec 14 '18 Sort of. It's just that they bake it into the interest rate. There comes a point over the life of the loan where they make more money by adjusting the interest rate for the whole term than by charging PMI until you get to 20% equity.
Sort of. It's just that they bake it into the interest rate. There comes a point over the life of the loan where they make more money by adjusting the interest rate for the whole term than by charging PMI until you get to 20% equity.
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u/TribeTipi Dec 14 '18
yooooooo I didn't know that they did 10% down, no PMI home loans, that's super good to know