Mortgage insurance rates help?
We decided in may, when applying for a home loan, that we would do a conventional loan, as opposed to a FHA loan because the lender said conventional loan mortgage insurance rates are $ 71 bucks a month, FHA mortgage insurance is $ 113, so of course we don’t want to pay that amount!
Again, a couple weeks ago, our lender said its good we are doing a conventional loan with $ 70 a month in insurance, basically repeating the numbers AGAIN!
… Now he said that insurance rates went UP, and our payment would be $ 112 a month… WHAT?! So you’re telling me that within 2 months, rates went from $ 70 a month to $ 112 for a CONVENTIONAL loan?
When I told him this, he said he would look into it an call me back, so obviously it doesn’t look right to him either!
So could they have made a mistake thinking its an FHA loan when it’s DEFINITELY a conventional loan?… Or did rates really almost double in 2 months? This whole process is very stressful and I won’t know anything till next week so I thought I would ask here 🙂 thanks in advance!