The following is the class I taught on July 7th, 2016 in Fort Collins on how interest rates affect Nomad.
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This may mean coming to Closing with a little more cash.
Sometimes it means voluntarily raising your interest rate with your Lender to get a credit to pay for some or all of the up-front PMI.
Discuss these two scenarios with your Lender to see which one makes more sense to you.
Mark this task complete once you've discussed this with your Lender and decided which you'll pick.
Sometimes, especially if you have extra cash and you plan to hold the property for a long time, it makes sense to pay additional points to get a lower interest rate.
Mark this task complete once you've talked to your Lender about these options, analyzed them yourself and decided to buy down your interest rate or not.
We often consider this as an alternative to to paying up-front PMI or buying down the interest rate. If we're putting less than 20% down, one way to lower our monthly payment is to put more down to get rid of PMI instead of paying the PMI up-front.
Mark this task as complete when you've talked to your Lender about using a larger down payment and decided whether you will or not.
The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.
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