Posted on: 22nd Nov, 2007 08:26 am
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 kristiamy,
Welcome to this forum.
If you can, it is better to avoid PMI and piggyback loan is a very good option to avoid PMI. IT is not always required that you have to refinance from your lender. IF you can shop a bit for it and if you gat lower interest rate and you can manage 20% of down payment, you can think about piggyback loan. There is a discussion on this topic in this community. You can check it out- http://www.mortgagefit.com/pmi.html#piggyback
Feel free to ask if you have any further questions.
Thanks,
Larry
Welcome to this forum.
If you can, it is better to avoid PMI and piggyback loan is a very good option to avoid PMI. IT is not always required that you have to refinance from your lender. IF you can shop a bit for it and if you gat lower interest rate and you can manage 20% of down payment, you can think about piggyback loan. There is a discussion on this topic in this community. You can check it out- http://www.mortgagefit.com/pmi.html#piggyback
Feel free to ask if you have any further questions.
Thanks,
Larry
I think yes! You may visit the site mortgagepmi.com for more information which caters for all the information about Private Mortgage Insurance (PMI). I am sure your query will be answered. All the best!