what’s a good estimate for mortgage insurance on a 160K loan?

 Home Insurance  Add comments
Nov 302011
 

I’m looking at buying a foreclosed home.
If I can get it for say 160K with a 3% downpayment, let’s say I end up financing 160K, how much would my mortgage insurance be… this is near Phoenix, AZ.
The house if fixed up is worth well over 200k

what do i need to get a 160 k morgae loan whats 160k
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  4 Responses to “what’s a good estimate for mortgage insurance on a 160K loan?”

  1. Spock (rhp) says:
    November 30, 2011 at 3:28 am

    ask any mortgage broker … rates are uniform for a given down payment

    Reply
  2. James Wehner says:
    November 30, 2011 at 4:20 am

    Mortgage insurance will vary from lender to lender as well as each borrower depending on their FICO score.

    A good estimate may be approx. $ 100 / month for $ 160K.

    Reply
  3. Freedom says:
    November 30, 2011 at 5:03 am

    It doesn’t make sense to buy a foreclosed home for $ 160K, fix it, and relist it on the down market for $ 200K. What if the market continues to slide by the time you relist it. After the closing cost, financing, real estate agent, etc is it worth the time? I don’t see how you will make a big money on a high risk investment.

    Reply
  4. Donovan says:
    November 30, 2011 at 5:18 am

    All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower