Gut reno financing recs
I am looking for recommendations for financing a gut renovation. I have contacted Wells Fargo so far and am impressed with their offering, but they want an additional 2 points on closing and 20% down to avoid PMI. I am interested to know if anyone has different experiences and could recommend who they worked with….
I am looking for recommendations for financing a gut renovation. I have contacted Wells Fargo so far and am impressed with their offering, but they want an additional 2 points on closing and 20% down to avoid PMI. I am interested to know if anyone has different experiences and could recommend who they worked with.
Thanks!
Are they asking for 2pts to “buy out” the PMI? It’s also called LPMI or Lender Paid Mortgage Insurance. You are still paying for it just in the form of an upfront fee. You can also have those 2 points absorbed with a higher interest rate.