How to Avoid Private Mortgage Insurance
Taking out private mortgage insurance will increase your monthly mortgage payment. So how can you avoid it or get rid of it?
One way is to take out a second mortgage.
“It’s not always a good idea,” said Casey Fleming, a mortgage adviser for C2 Financial Corp. and author of “The Loan Guide.” “If you use two loans, you will avoid mortgage insurance, but you should go in with a plan to get rid of the second mortgage as soon as you can. Second mortgages are expensive.”
Image via Flickr/401(K) 2012