October 25, 2006
Low Credit Scores - High PMI Rates
Low Credit Scores - High PMI Rates
If you're in the market for a new home and your credit score is marginal, your private mortgage insurance, or PMI, rate might be hundreds of dollars higher per month than you expect.
Credit scores impact interest rates on all types of loans, but their effects reach far beyond loan rates, resulting in additional expenses that can run into thousands of dollars per year.
The sticker shock of a sky-high PMI payment is bad enough, but some borrowers don't find out that their PMI will add hundreds of dollars to their payments until they are sitting at the closing table.
Find out more about credit scores and PMI rates…
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