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re: What's the deal with PMI these days when purchasing a new home?
Posted on 3/26/10 at 1:51 pm to Catman88
Posted on 3/26/10 at 1:51 pm to Catman88
quote:
Ok just went and checked. I pay 83.56 a month on a 200k loan.
In about 6 years it drops off assuming I do not make any extra payments. So thats close to 6k I would pay to have MMI.
If I say Im going to wait until I have 40k saved I take a BIG risk that the rate will go up. If that rate goes up just to 7% thats close to THREE HUNDRED a month for the life of the loan. Not to mention the cost of the same house would be likely higher. Taking your advice could lead to a 100k mistake.
BOOM!
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