Asked by Realty Greenhorn, Needham Heights, MA • Mon Jan 28, 2013
My budget is 400-475k. Even though we could afford to do a 20% down payment we just want to lower our down payment % so that we 've some more extra cash that can be used post-move-in.
A mortgage broker I met last weekend suggested that by taking a 2nd mortgage we can avoid PMI altogether. Is this possible? Even if its possible what are the pros/cons to consider.
One of the concerns I had was that I have to deal with 2 lenders in order to avoid this PMI.
Pls fee free to comment on this scenario as well as other options that are available to help us avoid PMI or make it quite low.
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