The Downfalls of PMI

The problem with private mortgage insurance is that it raises your monthly payment and, unlike the interest on a traditional mortgage, PMI is not tax deductible. You can eventually cancel private mortgage insurance if you can prove that you owe 80% or less of your home's value. Getting your mortgage balance down to 80% of the home's value can take many years. The good news is that you can have all three: A low down payment, a low monthly payment, and NO PMI!. Bobbie Sage