Question by GoldenGirl: Anyone know benefits or drawbacks of PMI (Principal Mortgage Insurance)?
One mortgage broker has strongly recommended a loan with PMI, allowing me to take a single loan for 90% of the home purchase price. Another broker dismissed the PMI as an outdated concept, but good faith estimates from both brokers are very close in terms of monthly payments. Does anyone have any experience or advice on 1loan+PMI versus 2loan options?
Best answer:
Answer by Rhythm
PMI is essentially you paying to insure the loan for the Bank.
And if its 100% insured, then why is the Bank still charging you such a high rate? Its a bunch of BS. Oh yeah, and if you add equity to your home or get a deal so that it already has 20% equity you still need the PMI. Friggin scam.
Look hard for a bank that will do a single loan without PMI. They exist, expecially for first time homeowners. Try FifthThird.
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