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Originally Posted by After Shock Media
As for PMI, there are ways that you can purchase your own PMI and roll it into the mortgage itself without having enough down to qualify not having it. This makes the PMI tax deductable and saves you money in the long run.
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Very good point, but we (my company) has a lot of LPMI, Lender Paid Mortgage Insurance, programs where you roll it into the rate and it usually is about a .375% - .625% hit depending on your LTV, loan to value. The catch is though, that PMI can be removed when you pay down you loan, but your rate will only adjust through a refinance. Get a small 2nd and only pay the higher interest on the 2nd and not the lump sum.