I'm in the middle of hopefully getting a house I put an offer on. I noticed that the monthly mortgage my lender gave me showed a MIP in the estimate. When I was deciding on what kind of loan to apply for he said "with a FHA loan you don't have to pay PMI". There was no mention of MIP. I still would of done a FHA loan, but maybe would of looked for a cheaper home. This seems shady to me, I now have a offer on the house, which now I do want, and the monthly mortgage is $300 more than what I was calculating. Did they do it to trick me into purchasing a more expensive house, which means more in their pocket, or am I off on that thought? What should I do? What would any of you do?
Is it shady that my lender didn't mention about MIP on a FHA loan at the onset of our processing?
- Posted:
- 3+ months ago by djfederico
- Topics:
- house, processing, middle, loans, mortgage
Details:
Answers (1)
you know your person who would have done the processing when they don't tell you something there might be a rate in the bunch are you a first time home buyer cause if thats the case you qualify for different things under that program i think it bank of a america that handles that and i would be going to this person and saying that why didn't you tell me about this cause the morgage is 300 more then you calculated and it went in your pocket make him own his mistakes any future paper work i would look it over good before you sign it