NO MORE PMI

Don't Pay PMI If You Don't Have To

PMI (Private Mortgage Insurance) is a fee that Mortgage Company's charge buyers who have less than 20% downpayment. It is a needless charge that doesn't have any real benefit to a buyer.

Are there way's around PMI? The answer is YES!

For all my clients who have less than 20% downpayment and qualify based on their credit and financial situation, I encourage them to take out 2 mortgages instead of paying needless PMI, which is NOT tax deductable.

For example: A Loan With PMI
$300,000 Purchase Price
5% Downpayment ($15,000)
1st Mortgage Amount of $285,000
1st Mortgage Priciple and Interest Payment of $1,444.05 (5/1 ARM at 4.5%)
PMI Payment of $185.25
Total Payment of $1,629.30

For Example: A Loan Without PMI and With a 2nd Mortgage
$300,000 Purchase Price
5% Downpayment ($15,000)
1st Mortgage Amount of $240,000
1st Mortgage Priciple and Interest Payment of $1,216.04
2nd Mortgage Amount of $45,000
2nd Mortgage Interst Payment of $247.50
Total Payment of $1,463.54

This is a difference of $165.76 per month as well as having all the interest on the 2nd mortgage as a tax deduction!!!

Be good to yourself.

Call Anthony Pipitone at 312-492-3239 for more details.