I'm getting really mixed messages so I figured I'd ask those that have been there and done that. We're looking for a mortgage. 3.5 - 5% down. I'm trying like a bitch to avoid monthly mortgage insurance because for a loan our size it would be $500 - $600 a month.
Is there any way to do this? I've read that with 5% down you can get rid of the monthly insurance and just have a slightly higher interest rate but I don't see any companies specifically making that claim and nobody really says anything until you start talking to a broker.
Is there a way to avoid this? If I'm paying a higher interest rate instead of MI does the higher interest rate end up costing me the same as MI would have?
Anything I should know otherwise that you wished you had known going into it?
Is there any way to do this? I've read that with 5% down you can get rid of the monthly insurance and just have a slightly higher interest rate but I don't see any companies specifically making that claim and nobody really says anything until you start talking to a broker.
Is there a way to avoid this? If I'm paying a higher interest rate instead of MI does the higher interest rate end up costing me the same as MI would have?
Anything I should know otherwise that you wished you had known going into it?