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Real Estate
Reply to "10% down no PMI?"
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[quote=Anonymous][quote=Anonymous]We both have credit scores over 800, but can only do about 10% down. Is there a way to avoid PMI that doesn't raise the interest rate? I have heard/read conflicting things. Thanks![/quote] We just did this, the interest rate w/out PMI is slightly higher (our lender was quoting around 4.25, or 4.5% I can't remember) but we eventually did 10% w/PMI and at a 3.875% interest rate. I'd rather have the cash in reserves than to put everything in the house. Besides, depending on how well your home appreciates, you will drop the PMI eventually (5 years or less)[/quote]
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