With this ever changing market and the tightening of guidelines to try and protect lenders from foreclosure doom Mortgage Insurance Companies are raising premiums too. What used to only take a 620 credit score to get reduced MIP is now needing a 660. It can affect your payment by over $100 more per month. The insurance companies are not liking having to pay out in these foreclosures either and even if the client is approved if they do not have the higher credit score and their loan to value is above 97% they are going to pay.
Vicky Hanson: Mortgage Banker with Minnesota Lending Co.