Posted on: 29th Aug, 2009 01:14 pm
Hello,
I have been paying PMI (Private Mortgage Insurance) for about 2 years now but I find it a bit too much more so when it only helps the lender and not me! My question is that is it possible to discontinue the PMI by going in for a piggyback loan? Does any one have any idea? Thanks
I have been paying PMI (Private Mortgage Insurance) for about 2 years now but I find it a bit too much more so when it only helps the lender and not me! My question is that is it possible to discontinue the PMI by going in for a piggyback loan? Does any one have any idea? Thanks
Hi ugotit!
Welcome to forums!
I don't think you would be able to discontinue with PMI and go for a piggyback loan. Most of the lenders have stopped giving piggyback loans. Moreover, you should note that private mortgage insurance is tax deductible up to 2010 if certain conditions are met. I would suggest you to continue with your PMI.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I don't think you would be able to discontinue with PMI and go for a piggyback loan. Most of the lenders have stopped giving piggyback loans. Moreover, you should note that private mortgage insurance is tax deductible up to 2010 if certain conditions are met. I would suggest you to continue with your PMI.
Feel free to ask if you've further queries.
Sussane