Is this a must have nowdays for all new home loans? I thought it was for people with crappy credit?? Ours isnt crappy but its listed on our disclosures for our loan and its $3K a YEAR!

Wth? Can anyone help?

Waiting for my banker to call back but she is SLOWWWWW 

MI is required but $3000 is high... 

Yep, you have to have it unless you have a certain amount of equity. It protects the banks loan against you defaulting. It's not new at all, been around forever. 

Well I knew it had been around but I thought it was for people with crappy credit.

And yeah $3000 a year sounds high to me also and we have $30K in equity going in!

Will I have to pay this shizz for the whole 30 years??? 

You only have to pay the PMI until you have a certain percentage of equity in your home. I believe it may be over 20% equity and then you no longer have to have it. 

We put 20% down! 

Call your mortgage broker and ask them. Maybe the percentages have changed. We put 20% down on our home and didn't have to have PMI. 

We put 20% down!


The standard use to be the 80/20 thing but with all the credit and lending standard changes they might have made it harder... 

Also, if that is just on your good faith estimate then chances are the fee won't be on your final disclosures and closing docs. In the preliminary disclosures they basically have to disclose every fee that you could be charged so you'll know what to prepare for and have enough money. 

Do you know if those are preliminary or final truth-in-lending disclosures? 

go to fred loya 800 bucks a year. If you are being rejected by insurance companies google texas fair act insurance. 

This is a "GFE Good Faith Estimate" im looking at.

And we better not be turned down by any insurance! 

Ok called my banker and he is trying to get ahold of the mortgage lady for me.....Looking at this paperwork its ALL screwy because they r showing $1000 charge for a survey that WE are paying for! WTH? 

The good faith is just the beginning estimate of any and every fee you COULD be charged. You shouldn't have to worry about PMI if you're putting 20% down.