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Haven't Applied for a Loan in a Few Years - You May Have Some Surprises
I had an old neighbor email me today asking about her financing as she gets ready to buy a home. The answers I gave are pretty vanilla, but for her they are probably shocking because she hasn't applied for a loan in 3 years. She inquired about doing an 80/20 to avoid MI - clearly she hasn't been keeping up with guidelines :) How things have changed! Two years ago no one would have a loan with MI and now it really is the right way to do it for many borrowers.
 
"Things have changed a bit since the last time you got a loan. Rates for credit north of 700 with 20% down on a 30 Year Fixed are looking like 5.75 today with no points - fantastic. However, if you are looking for 100% financing you should be prepared to pay more, even if you have great credit - probably 6.5 or so for 100%. 80/20's are gone - 80/15/5 or 75/20/5 are now the way to avoid MI (that 5 means 5% down). However, that second is probably going to be well north of 9%. So, one loan with MI isn't looking so bad! Keep this in mind, ... more

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