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Ask The Loan Officer: Don't Be Mortgage Poor!
Ironically, today was the first time I had the pleasure of speaking with Lenn Harley.   Being the end of the month, it was a hectic day and I really wasn't sure if I could meet the contest deadline.  So, I scrambled to get my entry in last minute.  I hope this will give prospective buyers, wherever they are located, a bit of insight they may not have already had.
I'll get to what I feel is one of the more attractive options I can offer folks from my end.  I would also advise that folks talk to a reputable FHA Approved Lender to see if that might be the better option.
From my end, let's assume the following hypothetical scenario ... based largely on Lenn's illustration in her post.
Sales Price of $605,000 10% Down Payment ($60,500) Loan Amount of $554,500. Like Joe Adams before me, I'd opt for Lender Paid Mortgage Insurance as a viable option (as we are borrowing more than 80% of the Sales Price).  This Mortgage Insurance is built into the Interest Rate and translates into a higher rate. As of the end of the business day today, my Interest Rate on that product was also 6.875%.  That ... more

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