I was filling out an application for a mortgage the other day through USAA?

and it had added PMI. When you put 50% down why would they make you have that? And I want to pay my own homeowner's insurance and taxes so I can earn interest on the money until I pay it out. Do you have to do escrow or is this an option if you put enough money down?I was filling out an application for a mortgage the other day through USAA?
i am a 40 year member of usaa, they are the greatest company in the world. call 1-800-531-8111 and ask them i have also been a mortgage loan officer for the last 10 years u do not have pmi when u put down more than 20%, and normally when u put down 20% or more they allow u the option of escrows or paying it on ur own. TRUST THEM THEY WILL GUIDE U AND LEAD U PROPERLY, I WOULD NEVER TRUST ANYONE ELSE AND THEIR DEAL WILL BE HARD TO BEAT, GL TO U RETIRED 0-4I was filling out an application for a mortgage the other day through USAA?
Escrow is a third party to the transaction between the seller and buyer and has nothing to do with the loan.





Your lender will request PMI to insure that you qualify for a loan and that if you should default they are covered. The Underwriter has requirements that they have to have before they approve the loan.





Your deposit doesn't tell them that down the road you will have the same money available for the payments.
The PMI is wrong, you don't need PMI if you put at least 20% down. You can waive your escrow account but you may have to pay a fee of around .25 of the loan amount to do so as long as you do the 20% down.
I agree with Donald E. Sometimes on websites things are done automatically. This actually might be something that USAA would like to get feedback on to make further improvements to their web features.





Absolutely call them directly to discuss the situation with a loan officer as yours is more unique than the usual.





If you don't already have USAA HomeOwners Insurance and you qualify you'll be able to get your home insurance set at that time as well.





USAA believes in customer service and working with their customers as best as possible.