Quote:
Originally Posted by Rick Lee
80-10-10 and 80-15-5 loans got popular in the late 90's and really cut into the PMI market. I mean, why would you pay a monthly PMI premium, which doesn't build equity and isn't tax deductible, when you could pay a piggy back second, which does build equity and is tax deductible? And if your credit wasn't good enough for a piggy back loan, then you'd have been better off going FHA and, in the early 2000's, subprime.
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Bingo. When I was loan shopping a few years ago, Countrywide tried to sell me an 80/20. No PMI there. What a joke that place was.
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‘07 Mazda RX8
Past: 911T, 911SC, Carrera, 951s, 955, 996s, 987s, 986s, 997s, BMW 5x, C36, C63, XJR, S8, Maserati Coupe, GT500, etc
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