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Thompson
Joined: 30 Nov 2007
Posts: 1
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| Posted: Fri Nov 30, 2007 2:04 pm Post subject: Can I take a Piggyback loan to discontinue PMI? |
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Hello,
I have been paying PMI (Private Mortgage Insurance) for about 2 years now but I find it a bit too much more so when it only helps the lender and not me! My question is that is it possible to discontinue the PMI by going in for a piggyback loan? Does any one have any idea? Thanks! |
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chow
Joined: 22 Jan 2005
Posts: 2352
Location: Cornfield County, Indiana
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| Posted: Sat Dec 01, 2007 1:12 am Post subject: |
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| You have to refinance or pay down the balance to less than a percentage that the PMI will agree to drop off. Most go by the amorization schedule you had when the loan was cast. |
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johnh12
Joined: 21 Feb 2008
Posts: 3
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| Posted: Tue Feb 26, 2008 6:12 pm Post subject: |
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| i agree with chow. |
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