Avoiding PMI ...

I've been getting a lot of mail asking me this question. So, I thought I'd post an article regarding this topic ... there are tons of info on the internet, but I thought I'd help get some of you started.

One way to avoid PMI is to do an 80-10-10 mortgage which is 80% mortgage, 10% equity loan or second mortgage and 10% cash.

http://www.thinkglink.com/CreditFinance/cfc271.htm

That's what my hubby and I are doing and by doing so, we save about $200 a month avoiding PMI!

Let me know if anyone has any questions!

Cira

Thanks Cira

Thanks Cira!

We're looking into that too...

One question - did you lock into your home equity loan rate? We're thinking about doing this, but not sure if it's a fixed rate or a fluctuating rate. Home equity rates can go really high in a bad market...so I'm concerned?

I've stopped looking until after the holidays and will go full force again in the Spring. There's not too many houses in my range right now!!

I'm glad!

Buying a house is a scary process ... at least, we can go through it together!