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Originally Posted by 34saving
The higher interest piggyback might negate the PMI price, but lots of times it doesn't. That's why the moral of the story is talk to at least of couple of different mortgage brokers and compare  Also, since you guys probably have a fair chuck of disposable income you might be able to pay off a piggy back very quickly. (Often getting rid of PMI requires at least two years or refinancing and either of those options gets expensive.) |
That's great advice. So the general consensus is to avoid PMI by taking a piggy back loan? How much of a higher interest rate should I expect from the piggy bank loan? We should be able to get the best rates out there because both my girlfriend and I have excellent credit scores, no CC debt, and relatively high incomes.