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Reply to "mortgage with no pmi and 5% down?"
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[quote=Anonymous][quote=Anonymous]Hi! I am the OP of the credit card payoff and have been offered 5% down, [b]lender paid PMI or no PMI but a higher interest rate[/b]. We're talking with Washington First Mortgage, United Mutual Funding, and Sebonic. Quicken also offered it to us. Of course, we haven't made an offer on a house yet, so there are lots of variables here. [/quote] It's still PMI, just a different way. The lender paid PMI is a lump sum that you pay as a "fee" and the lender purchases the MI. The higher interest rate version builds the PMI into the interest rate the lender is charging you. [/quote]
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