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First time buying a house and i feel like i’m getting screwed with my payment, any advice?

i am in the process of buying the house we’ve been renting from my mom. she purchased the house for 320 and it was just appraised for 300. i’m taking over what’s left so i’m buying it for 270. when i first met with my loan officer from countrywide i told her i didnt want to pay more than 1700/month. in the end it came down to 1850/month at 6.1% @ 40yrs fixed. i just received a fat stack of papers from another lady from countrywide saying that with private mortgage insurance my payment will be 2100! that isn’t something i’m looking forward to paying each month. and as i was reading through that packet my rate was locked in at a later date at 6.4% i thought that by going through one of the largest home loan companies i’d be taken care of, but my loan officer sucks. she never called me to update me on my loan status, etc, until we had to contact her boss and ask what the hell was going on. i’ve read to go with a mortgage broker vs. a bank. is countrywide a mortgage broker?

The only reason the loaner requires PMI is if you have not put down or paid down the loan to 80% of appraised value of house. You can cancel it once that ratio hits (you have paid down note or value of house goes up, usually a combination of both). Do not, I repeat, Do not do any crazy mortgage just to get this house. Go 30/15 years fixed. If you cannot afford it, don’t buy it. See if your mom will finance the note. She would get a great return on her money, better than any bank. Don’t let unscrupulous creditors take advantage of you! Stand your ground!

A bank VS. mortgage broker..

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