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@Anonymous wrote:This is my specialty. I am mortgage banker in PA.
I opted for a premium program which included a higher rate of 6.75% but I do not have to pay PMI. The PMI was $105 a month and the higher interest only cost me $20 a month, so I am saving quite a bit.
@MidnightVoice wrote:
I opted for a premium program which included a higher rate of 6.75% but I do not have to pay PMI. The PMI was $105 a month and the higher interest only cost me $20 a month, so I am saving quite a bit.But PMI can be removed when you have enough equity in the house, and hence it does not last the length of the mortgage.I put down 10% with PMI, and got the PMI removed 5 years later, due mainly to increase in the value of the house. So it was equivalent 25 years without PMI and 5 years with. Huge savings
Message Edited by MidnightVoice on 05-18-2007 01:59 PM
@Anonymous wrote:Taking the add on the rate is another way of avoiding paying the MI premium, but that extra 20 or bucks a month goes no where, you cant even use the writeoff.
@Anonymous wrote:As of this year you can write off your PMI!