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However, you can avoid PMI and still put down less than 20% by purchasing a twoloan package. Some mortgage companies offer packages that work as follows: The first mortgage may be the traditional 30year fixedrate mortgage for 80% of the purchase price. The second mortgage could then be a 15year fixedrate second mortgage for the remainder of the purchase price (less your cash down payment). If you find a lender who allows you to do such a twoloan package you are putting your money into a mortgage instead of giving it away on PMI. In addition, unlike your PMI premium, your mortgage interest is tax deductible
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified insurance lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local insurance attorney to discuss your specific legal situation.