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Originally Posted by Squawks
Thanks Cnote and Asiann! I think I will be stuck with PMI because I won't have a HELOC since I'm currently renting - but from what I've calculated it shouldn't be more than $150 at worst considering a maximum loan of $300k.
It's little amusing that LendingTree pre-approved a loan for me based solely on my assets - they didn't seek information regarding debt and monthly expenses.
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It doesn't matter if you currently rent. You basically take out 2 mortgages on the property you plan to buy. The benefit is that you can write off the interest on the 2nd mortgage, but you can't write off PMI. You just make 2 payments each month. Do a google search on "piggyback mortgages".
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