PMI vs. Combo loans

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PostPosted: Thu Dec 04, 2008 9:18 am   Post subject: PMI vs. Combo loans  

Which one is better - PMI loans or Combo loans?

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PostPosted: Thu Dec 04, 2008 9:46 am   Post subject:   


PMI loans are are perfect for you when you're buying a home for the first time and you don't have any credit record for the time. Creditors would generally avoid this by allowing you an easy down payment. But they would also necessitate you to pay for the PMI just to make sure that they don't land up in trouble in case you fail to pay back the loan.


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PostPosted: Thu Dec 04, 2008 10:42 am   Post subject:   


The worth of premium that you'd need to pay for the PMI would be around half-percent of the worth of the home. The yearly premium would be broken into parts that increase your monthly amortization cost. Upon achieving a loan-to-value ratio 80-20, this monthly payment would be terminated. But remember, that these paymnents are subject to taxation.


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