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MrsKelly
just hangin' around...
Member since 11/06 6305 total posts
Name:
Krista
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PMI???
i know you're supposed to get charged pmi if you put less than 20% down on a home... do any of you pay pmi, or did you work out 2 mortgages or different loans to get around it? what did you do? thanks!
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Posted 1/23/07 5:35 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: PMI???
Hey Krista--- We are taking out 2 loans. One for 80% of the purchase price and one for 10% of the purchase price. This way we avoid the PMI. HTH
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| Posted 1/23/07 5:39 PM |
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meganNbobby
Our Family is Complete
Member since 5/05 2774 total posts
Name:
Megan
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Re: PMI???
we did 2 mortgages to get around it.
just watch the interest rate on the 2nd mortgage which will most likely be a home equity loan... we got screwed our first year by paying an adjustable rate.... we got wound up paying more than we intially borrowed after a year on the 2nd mortgage... after 1 year we refinanced and got a lower rate on the home equity loan, we couldh ave combined into one loan but we wanted more $$ back than we could cash out...
it does save you $$$ if you pick the correct 2nd loan.
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| Posted 1/23/07 5:41 PM |
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veeandrich
LIF Infant
Member since 5/06 325 total posts
Name:
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Re: PMI???
we pay PMI, it's about 70 bucks per month
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| Posted 1/23/07 7:08 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: PMI???
we did two loans..we later re-financed and made them one and got a better rate.
Worked for us.
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| Posted 1/23/07 7:18 PM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: PMI???
ive heard that you can add the total amount of the PMI to your mortgage, that way it doesnt come out to being that much per month
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| Posted 1/23/07 7:27 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: PMI???
PMi is not tax deductible but interest is
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| Posted 1/23/07 7:38 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: PMI???
I've heard there is a program available that eliminates PMI for 1st time homebuyers who make under a certain $$ amount
You may want to look into it
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| Posted 1/23/07 8:05 PM |
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chris605
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Member since 5/05 3206 total posts
Name:
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Re: PMI???
We pay PMI and we did it because the money for PMI was less then the interest for a second mortgage...
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| Posted 1/23/07 8:34 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: PMI???
Posted by Jackie24
ive heard that you can add the total amount of the PMI to your mortgage, that way it doesnt come out to being that much per month
yes you can - but I *think* you have to have a sellers concession to do that. im not 100% positive though.
we didnt put 20% down, dont have PMI or two mortgages - we got a mortgage from BOA for UFT members that they waived the PMI.
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| Posted 1/23/07 10:01 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: PMI???
I read an article that for homeowners that purchase in 2007 PMI will be deductible, not sure of the details, I know it phases out at a certain point but good to look into...
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| Posted 1/24/07 9:53 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: PMI???
There are mortgages out there where there is no PMI and no 2 mtgs.
That's what we're doing...we're putting down 3% to get a better rate, but you can finance 100% also.
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| Posted 1/24/07 10:03 AM |
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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Re: PMI???
I pay PMI...It worked out better than 2 loans for us
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| Posted 1/24/07 2:24 PM |
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Tracey
***********
Member since 5/05 6297 total posts
Name:
Tracey - brideinapril
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Re: PMI???
We will be taking out 2 loans.
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| Posted 1/24/07 6:00 PM |
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MrsKelly
just hangin' around...
Member since 11/06 6305 total posts
Name:
Krista
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Re: PMI???
Posted by SweetestOfPeas
I've heard there is a program available that eliminates PMI for 1st time homebuyers who make under a certain $$ amount
You may want to look into it
we aren't first time homebuyers
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| Posted 1/24/07 6:40 PM |
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MrsKelly
just hangin' around...
Member since 11/06 6305 total posts
Name:
Krista
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Re: PMI???
thanks for the input ladies
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| Posted 1/24/07 6:40 PM |
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tabrtm
LIF Adult
Member since 10/06 1314 total posts
Name:
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Re: PMI???
I pay PMI, it's $175 a month. As of 2007 it is supposed to be tax deductible.
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| Posted 1/25/07 5:17 PM |
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Re: PMI???
Posted by tabrtm
I pay PMI, it's $175 a month. As of 2007 it is supposed to be tax deductible.
It is IF the couple owning the house makes under $110/year (or if it's an individual under $55k).
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| Posted 1/26/07 8:15 AM |
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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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Re: PMI???
Posted by MrsPowers
Hey Krista--- We are taking out 2 loans. One for 80% of the purchase price and one for 10% of the purchase price. This way we avoid the PMI. HTH
That's what we did also
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| Posted 1/26/07 9:44 AM |
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AOMom
LIF Adolescent
Member since 11/06 856 total posts
Name:
j
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Re: PMI???
We have 2 mortgages to avoid PMI- when we bought our house a few years ago PMI was not deductible. Even under the new guildelines, we would not be eligible b/c our income would be too high. We have been able to deduct the 2nd mortgage interest for the past two years, and luckily it has been that small amount that has put our adjusted gross income into a lower tax bracket....so we have saved way more by paying a higher amt. of interest than by a lower of amt. of PMI.
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| Posted 1/26/07 10:48 AM |
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