Quote:
Originally Posted by jIM_Ohio
If a person has PMI, they are better off going with an 80-15-5 program.
In every case I analyzed, I came out ahead 80-15-5 than we did paying PMI.
80 is 80% first mortgage
15 is 15% second mortage
5 is 5% down
if you can do 80-10-10 or 80-5-15, even better.
Make sure the 2nd mortgage is a fixed rate product.
80-15-5 should have:
a) a lower payment than a 95% first with PMI
b) a higher tax deduction than 95% first with PMI
c) have you get to 20% equity faster than a 95% first with PMI
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How can one get the second mortgage on the same property?
can any one explain
i am taking a mortgage by 5% down payment but would be interested in a second mortgage to reduce my PMI
please let me know