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I would really like some advice on this. I have to make a choice on what type of loan to take. I can do a 100% financed loan with no PMI with a 4.5% interest rate or I can choose a conventional with 5% down at 3.75 % interest rate and pay PMI. Both loans are for 30 yrs. Which one would you do if it were you?
TIA,
Deree
@Anonymous wrote:I would really like some advice on this. I have to make a choice on what type of loan to take. I can do a 100% financed loan with no PMI with a 4.5% interest rate or I can choose a conventional with 5% down at 3.75 % interest rate and pay PMI. Both loans are for 30 yrs. Which one would you do if it were you?
TIA,
Deree
I would do the math and see which one is a better deal. Plug in the numbres in an online mortgage calculator and see in which scenario you end up paying less. Most likely it'll be the one with 3.75% interest but it depends on the loan amount and also how long you'll be staying in the house.