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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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spinoff to PMI & 2nd mortgage
I have never heard of a 2nd mortgage. (I know I must be clueless)
How do you apply for 2 mortgages at once?
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Posted 10/17/07 9:56 AM  |
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GraciesMom
LIF Adult
Member since 7/05 1636 total posts
Name:
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Re: spinoff to PMI & 2nd mortgage
With our first house we put down 10% and took out a HELOC for the remaining 10% in order to avoid PMI.
With the house we are closing on next month are putting 15% down and were going to do the same thing but instead we are buying out the PMI at closing. This way we will only have 1 loan.
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| Posted 10/17/07 9:59 AM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: spinoff to PMI & 2nd mortgage
Posted by GraciesMom
With our first house we put down 10% and took out a HELOC for the remaining 10% in order to avoid PMI.
With the house we are closing on next month are putting 15% down and were going to do the same thing but instead we are buying out the PMI at closing. This way we will only have 1 loan.
We did the same thing, 10% down and took a HELOC for the remaining to avoid PMI. My Mrtg Broker set both up for me.
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| Posted 10/17/07 10:12 AM |
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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Re: spinoff to PMI & 2nd mortgage
ok, I'll ask about the HELOC.
Thanks!
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| Posted 10/17/07 10:27 AM |
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Nicole728
My Happy Girl
Member since 7/06 8198 total posts
Name:
Me
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Re: spinoff to PMI & 2nd mortgage
Posted by NewlyMrs
ok, I'll ask about the HELOC.
Thanks!
This is what we have, A regular mortgage and a HELOC on our house
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| Posted 10/17/07 11:02 AM |
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cloddy
Holiday 2011 photo
Member since 8/05 8088 total posts
Name:
Kristen
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Re: spinoff to PMI & 2nd mortgage
Our broker set up two mortgages for us so that we could put less down and avoid PMI.
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| Posted 10/17/07 3:11 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: spinoff to PMI & 2nd mortgage
Posted by Nicole728
Posted by NewlyMrs
ok, I'll ask about the HELOC.
Thanks!
This is what we have, A regular mortgage and a HELOC on our house
Us too. The HELOC is shorter term and at a higher interest rate.
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| Posted 10/17/07 3:30 PM |
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2Pisces
Life Coach
Member since 2/06 3337 total posts
Name:
Paige
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Re: spinoff to PMI & 2nd mortgage
We put 10% down, we have a mortgage and a home equity loan 80/10/10 to avoid PMI.
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| Posted 10/17/07 4:17 PM |
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mrsjpierre
LIF Infant
Member since 10/07 263 total posts
Name:
cindy
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Re: spinoff to PMI & 2nd mortgage
how do i find out how much equity is in my house?
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| Posted 10/17/07 9:41 PM |
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