Just curious. I was quoted $230 ... could that be right?
2007-08-25 03:56:04 · 5 answers · asked by Annie 2 in Business & Finance ➔ Renting & Real Estate
That sounds about right. Compare the cost of PMI to going with a split mortgage -- an 80/20 or 80/10/10. The interest may or may not be lower than the PMI.
However, you should tread very carefully on this one! With where property values have been heading in parts of the country it's entirely possible that you may be setting yourself up for a serious financial fall in a couple of years if the value of the home tanks and you cannot make the payments. Trying to finance a home at more than 80% LTV today is generally a very BAD move.
2007-08-25 04:19:05 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 1⤋
instead of paying PMI, go with an 80/10/10 or 80/15/5 mortgage (or something similar). The interest on the smaller mortgage is tax deductable.
2007-08-25 04:07:16 · answer #2 · answered by machupi1 3 · 0⤊ 1⤋
There are many variables involved in calculating your PMI and you also need to know how it comes off and what you must do to take it off so here is a link from the government that regulates it explaining to you what you must consider.
HUD Private Mortgage Insurance (PMI) Information: http://www.hud.gov/offices/hsg/sfh/res/respapmi.cfm
Best of luck on your research
2007-08-25 05:25:58 · answer #3 · answered by newmexicorealestateforms 6 · 0⤊ 1⤋
why would you pay pmi unless somwone talked you into a 100% financing on one loan not a gret idea there are better options for you.
they differ its sounds close but there really are other ways to go in most cases look at other options then decide
2007-08-25 04:03:41 · answer #4 · answered by Anonymous · 0⤊ 1⤋
This can vary depending on your credit score! $230 a month or year?
2007-08-25 04:00:28 · answer #5 · answered by Anonymous · 0⤊ 1⤋