Which re-financing option is better – 95% financing with PMI or 1st and 2nd mortgage without PMI?
by Mortgage Rates on Saturday, October 30th, 2010 | 2 Comments
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this depends on your credit score…if less than 620…the PMI can be VERY HIGH.
also depends on the rates….rates may be different on each product.
You will need to look at the monthly mortgage payment……this will determine which one you should pick.
the 20% mtg will be at a lot higher rate than the primary mtg – a couple of percent higher at least – you have to see which way you wind up paying more on – but also – the PMI isn’t deductible like the extra interest would be so a lot of analysis is needed