Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Long Island
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-04-2008, 04:39 PM
 
53 posts, read 659,715 times
Reputation: 61

Advertisements

we were offerred 2 different mortage plans (30 year fixed) from same bank:

1. 5.875% with PMI

2. 6.5% without PMI

looking for all opinions/advice/suggestions!!!!!
Reply With Quote Quick reply to this message

 
Old 10-04-2008, 04:51 PM
 
6,385 posts, read 13,177,213 times
Reputation: 4663
It all depends on how much the PMI insurance is. Do you know the amount of the PMI insurance? Is the 6.5% rate with no points?

Quote:
Originally Posted by lawoman4368 View Post
we were offerred 2 different mortage plans (30 year fixed) from same bank:

1. 5.875% with PMI

2. 6.5% without PMI

looking for all opinions/advice/suggestions!!!!!
Reply With Quote Quick reply to this message
 
Old 10-04-2008, 04:54 PM
 
53 posts, read 659,715 times
Reputation: 61
we were told that PMI would cost $210/month and the 6.5% is with no points
Reply With Quote Quick reply to this message
 
Old 10-04-2008, 06:17 PM
 
6,385 posts, read 13,177,213 times
Reputation: 4663
This is a close one. Will you be able to put down extra payments on the 6.5% fixed rate? And Im assuming that these are both 30 year mortages. Right?
Reply With Quote Quick reply to this message
 
Old 10-04-2008, 06:19 PM
 
53 posts, read 659,715 times
Reputation: 61
maybe here and there, maybe one extra payment a year. yes both 30 yr fixed!
Reply With Quote Quick reply to this message
 
Old 10-04-2008, 07:55 PM
 
Location: Kings Park & Jamesport
3,180 posts, read 10,556,019 times
Reputation: 1093
I would go with the cheaper rate and in a few years or alot of fixing up....you can get the PMI removed.
Reply With Quote Quick reply to this message
 
Old 10-05-2008, 04:12 PM
 
6,385 posts, read 13,177,213 times
Reputation: 4663
I would take the rate w/ the PMI insurance too. If you pay an extra payment a year and have a appreciation of 4%/yr. the PMI should be removed in about 4 to 5 years(If my math is correct).
Good Luck.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2022 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Long Island

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top