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re: Anyone here have mortgage insurance?
Posted on 2/15/17 at 10:04 pm to Sanfordhog
Posted on 2/15/17 at 10:04 pm to Sanfordhog
quote:
If the govt gets out of the mortgage "loan business" then that lender is less likely to give the loan.
Fine by me
0
Posted on 2/15/17 at 10:09 pm to anc
quote:what an ignorant way to look at home buying. I didnt have ten percent down on my home..should i still be living with my parents or is it OK now that i have my own home and make monthly payments?
10% down on a home, you don't need to buy a home.
If your income is enough to make the mortgage payments, there should be a minimum down payment requirement, imo
Its up to the banks to judge the risk reward.
This post was edited on 2/15/17 at 10:11 pm
Posted on 2/15/17 at 10:11 pm to ChexMix
quote:
there should be a minimum down payment requirement, imo
Agreed. You seem to know about risk principles. Good on ya.
Posted on 2/15/17 at 10:19 pm to kaduwa
Jesus Christ. We need PMI to strengthen reserves in case 2007-2010 happens again. People need loans for homes. Shouldn't make people wait for home loans until they are able to save enough for 20% down. Let them buy if they're qualified but if govt is backing the loan then they need to pay the PMI.
This post was edited on 2/15/17 at 10:21 pm
Posted on 2/16/17 at 12:20 am to nerd guy
quote:
Dallas market is nuts.
Nothing like many major metropolitan areas. I just bought a house near Seattle in a housing market where the mean sales price is approx. $750,000. Not a problem for late career couples, but I don't see how young families can buy homes in this area. People are forced to live the condo lifestyle much longer than families in many parts of the country. A nice two bedroom apartment in Seattle will cost over $2000 per month, which makes saving for a down-payment tough (especially with large college loans).
Posted on 2/16/17 at 10:37 pm to Sanfordhog
Do you go for a Mortgage insurance? Some people advised me mortgage insurance is a waste of money 
LINK
Check above article, Now I am totally confused. Errrp!!
LINK
Check above article, Now I am totally confused. Errrp!!
This post was edited on 2/16/17 at 10:38 pm
Posted on 2/16/17 at 10:50 pm to 50_Tiger
Markets went thru the roof because of all of the easy loans out there. Time to pull back the reins a bit
Posted on 2/16/17 at 11:49 pm to TBoy
PMI is bs. You can play or not. I count this as predatory lending.
Good if he did reduce it. What's a $100 a month over 30 years? Actually I suppose it would be whatever it was to get your 20% vested interest in the property. So whatever that is. It's still a helluva lot.
Either give the mortgage or don't based on the person you are talking to and their merits.
Banking got way more f'd up once the Feds started backing mortgages. Took the skin out of the game for the banks. Pmi essentially further removes any semblance of skin they may have in the game.
Reward follows risk. If you don't have the nuts to make a judgment call, don't play the game.
F the banks.
Good if he did reduce it. What's a $100 a month over 30 years? Actually I suppose it would be whatever it was to get your 20% vested interest in the property. So whatever that is. It's still a helluva lot.
Either give the mortgage or don't based on the person you are talking to and their merits.
Banking got way more f'd up once the Feds started backing mortgages. Took the skin out of the game for the banks. Pmi essentially further removes any semblance of skin they may have in the game.
Reward follows risk. If you don't have the nuts to make a judgment call, don't play the game.
F the banks.
Posted on 2/17/17 at 1:05 am to anc
quote:
Should the government be subsidizing home buying for anyone? I wish he would eliminate the entire FHA mortgage program. If you can't put 10% down on a home, you don't need to buy a home.
I mean, you can buy a home with an FHA mortgage with 3.5% down payment. That's absurd.
Hell, you can get a conventional loan with only 5% with decent credit.
Posted on 2/17/17 at 7:40 am to TBoy
No. PMI is for poors.
Posted on 2/17/17 at 7:50 am to anc
quote:
Yes, Trump canceled a cut in the FHA mortgage insurance rates because the country cannot afford it. This has nothing to do with private mortgage insurance, which most responsible people carry if they do not have enough equity. That brings up another question.
Should the government be subsidizing home buying for anyone? I wish he would eliminate the entire FHA mortgage program. If you can't put 10% down on a home, you don't need to buy a home.
I mean, you can buy a home with an FHA mortgage with 3.5% down payment. That's absurd.
What is absurd about it? It should be a decision between a bank and a borrower. If I am buying a home and have no money to put down on it and a bank is willing to make that mortgage why shouldn't we be able to trade?
It wasn't poor people who dreamed up federal mortgages it was the banking and housing industries. They could care the frick less about poor people but they want every adult in the nation owing them money on their home.....
Those people you are talking who are responsible enough to carry private mortgage insurance because they don't have enough equity wouldn't have any equity, a mortgage or a home they "owned" if it weren't for government subsidies to the lending industry. Bankers wouldn't lend anyone enough money to buy a home if the borrower didn't have enough skin in the game...
And finally I doubt if many people voluntarily carry mortgage insurance....I would bet that a huge majority of people paying for such insurance are doing so as a condition of qualifying for a mortgage...their lendors require it.
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