Wait a few years and you may be able to do a rate and term refi to remove the PMI

Lenders are going to charge an origination fee and interest rate for each project.

I'd like to rent the property out for a few years, see where interest rates are at the end of the balloon, and decide whether to refinance in order to keep it or sell it. 

Good (but few) opportunities are popping up given the current interest rate levels

Many builders are offering great incentives right now for buying down your rate permanently, and/or paying some/all of your closing costs. 

@Timmy ChenWe are seeing some of the best investments for new homes because of the lender rate buy downs.

USBank has one of the best rates for high yield savings.

Hi Travis, the thing is, Detroit population is dropping precipitously and continuously. 

Quote from @Sheila Nyandebvu: I believe the law requires them to provide a settlement statement 72 hours prior to closing, and you should definitely have one during closing.Do you have any documentation showing what rate they quoted when you first applied?

I'm a little concerned with the current high interest rates and property taxes (Texas).