1st time homebuyer!
2007-11-07 07:41:29 · 3 answers · asked by KD . 2 in Business & Finance ➔ Taxes ➔ United States
Depends on the rate for the heloc. If you can get under 8%, it pays to go for the HELOC. Otherwise, the PMI might be better.
2007-11-07 07:43:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Never get PMI unless you have to. This type of insurance covers the lender, not you.
Is there a good reason you need a line of credit? If not, don't go for the HELOC, you'll just increase your debt and have to end up paying more in the long run.
2007-11-07 15:44:46 · answer #2 · answered by Anonymous · 1⤊ 0⤋
pmi. it will go away. The HELOC is tied to the prime interest rate and in many states can top out at 18% or better. I would try for a close end second as well depending on the rate.
I am a mortgae banker in TN &KY
2007-11-07 15:48:54 · answer #3 · answered by golferwhoworks 7 · 0⤊ 0⤋