March 23, 200620 yr QUOTE(Steff @ Mar 23, 2006 -> 09:51 AM) For those of you with PMI, did you not consider borrowing the additional funds via a home equity/line of credit to not have to pay it? PMI is the biggest rip off. I guess that mine actually isn't a PMI payment. It is a secondary loan to pay the down payment needed on the first loan to avoid PMI, but at my last place I did pay PMI. I did that because it was my first house, so I had no equity to borrow the additional funds. I was tired of sending monthly rent checks that were not going towards anything, and figured it was better to pay PMI, but still have the money go somewhere.
March 23, 200620 yr QUOTE(vandy125 @ Mar 23, 2006 -> 09:56 AM) I guess that mine actually isn't a PMI payment. It is a secondary loan to pay the down payment needed on the first loan to avoid PMI, but at my last place I did pay PMI. I did that because it was my first house, so I had no equity to borrow the additional funds. I was tired of sending monthly rent checks that were not going towards anything, and figured it was better to pay PMI, but still have the money go somewhere. OK, good. These days you can buy a house borrowing up to 97% of the value. I just don't see the point in paying PMI ever. It is better then paying rent though.
March 23, 200620 yr 1580/month....1 bedroom/1bath...including water/gas/electric/heat and ac.....i pay extra for cable and interenet which is around 125 a month
March 24, 200620 yr Mortgage is around $700 per month for our 2 br, 2 bath condo. Not including assessments, of course. Actually, just got an escrow re-analysis a few months ago from the mortgage company and nice little check from them.
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.