PMI fees can be paid in many ways depending on the company used:
Borrowers can choose to pay the 1-years premium at closing, and then an annual renewal premium is collected monthly as part of the house payment.
Borrowers can choose to pay no premium at closing, but add on a slightly higher premium monthly to the principal, interest, tax, and insurance payment.
Borrowers who want to sidestep paying PMI at closing but don't want to increase their monthly house payment can finance a lump-sum PMI premium into their loan. Should the PMI be canceled before the loan term expires through refinancing, paying off the loan, or removal by the loan provider, the borrower may obtain the rebate of the premium.
"We met with Gena of GoodLife several years back when we first started thinking of buying a home. She very patiently worked with us while we went back and forth on the decision then ultimately decided not to buy. Our meetings and interactions with her made me appreciate that she was not just trying to sell us something but that she wanted to help us make a sound financial decision. She always erred on the side of caution in estimating our costs and income, so it almost feels like we have "extra" money now that we actually went through the process this year and bought a home. Also she got us a sweet rate as rates were going up. Last but not least as a woman I appreciated that she dealt directly with me and put my name on all the paperwork! A lot of businesses put my husband's name on the papers either first or just instead of mine so I thought that was a nice touch." Audrey Carmical