It was rumored that the Fed’s would reduce the monthly MI (mortgage insurance)payment. This would have increased affordability. Yesterday they change their mind- it remains the same. What that means is you pay 1.75% of your Mortgage Insurance Premium upfront when you buy your house. The rest is payable at .85% each month. This is included in your monthly note.
Dr. D. O’Neal, DANETTE ONEAL REALTORS, Inc. 5043657325 New Orleans 7709811999 Atlanta.