Posted by warbie on May 18, 2000 at 23:19:19:
What is the typical duration of the second mortgage in a 80%.10%.10% mortgage. What are the approx.payments on a $15000 loan (the 10% second mort.) I want to have an idea as to which senario is better, with PMI or without PMI. Your help is really appreciated.
No PMI - Posted by warbie
Posted by warbie on May 10, 2000 at 18:43:49:
Thank you to the people behind this great Web Page. I am new at this. I found a 2 family for 150000 and I have 10% downpayment, However I want to pay 160000 and have them give me back 10000 at closing to make up the second 10%.(i.e.) My aim is to have 20% down so I wont have to pay PMI. I could also flip it thereafter for a fair sum.
Would I be able to get the 2nd 10000, easily: how should I go about it?
Thanks
Re: No PMI - Posted by george d
Posted by george d on May 15, 2000 at 21:44:32:
Try contacting a loan broker and ask him about “piggybacking” an 80% first with a 10% second and yoy paying your 10% down for a total od the $150K sales price. This type of arrangement is fairly common here in the Northeast and saves you PMI.
Regards