http://www.budgetcents.net/2007/12/23/still-paying-pmi/ Credit Card Deals Brokerage Promos and Money Saving Deals Thu, 09 Sep 2010 10:13:27 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://www.budgetcents.net/2007/12/23/still-paying-pmi/comment-page-1/#comment-31 Randall Sun, 23 Dec 2007 23:42:48 +0000 http://www.budgetcents.net/2007/12/23/still-paying-pmi/#comment-31 You actually need to work with a mortgage broker that will run the options for you several different ways. The one advantage of PMI is that you can get it with your 1st in a 30 year fixed. The 10% or 15% Home Equity loan may be a variable rate, which could offset the savings on the PMI if rates continue to climb. Best Defense - Save 20% for a down payment so that you have equity in case value declines a bit and you need to sell. Be careful when buying a home, make sure you can afford it (no more that 25% of your take home on a 30 year fixed mortgage). Randall You actually need to work with a mortgage broker that will run the options for you several different ways. The one advantage of PMI is that you can get it with your 1st in a 30 year fixed. The 10% or 15% Home Equity loan may be a variable rate, which could offset the savings on the PMI if rates continue to climb.
Best Defense – Save 20% for a down payment so that you have equity in case value declines a bit and you need to sell. Be careful when buying a home, make sure you can afford it (no more that 25% of your take home on a 30 year fixed mortgage).
Randall

]]>