Question about mortgages...PMI or piggyback

I was wondering if anyone has had any experience with carrying PMI or having a piggyback mortgage. FH and I are shopping around for a mortgage and are considering both. Thanks for any input!

Re: Question about mortgages...PMI or piggyback

My DH priced this and we decided to avoid PMI by getting a mortgage and a home equity. The payments were less and hubby decided it would be best. Do a search on the Newlywed board -- we had an ongoing topic on this?

My only stink right now is that we just got into contract - but we were suppose to go to contract 2 weeks ago, when we would have locked in at a 5.88% rate - now the rates are about 6 1/8! Totally the seller's fault!

Did you guys find a house or are you looking and thinking about your options?

Re: Question about mortgages...PMI or piggyback

We are just about in contract. We signed the contract and are waiting for the seller to return it, which shouldn't be long. We had a lot of trouble (the seller's fault) getting the contract b/c the townhouse is in a trust. It took 6 weeks but we got it! We have a tight closing date so we need to get going on the mortgage ASAP. We want to get everything together so that when the sellers sign, we can just submit the mortgage paperwork.

Re: Question about mortgages...PMI or piggyback

Good Luck!