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Mortgage insurance do's and don'ts.

Most lenders don't understand how to explain mortgage insurance and the do's and dont's of the product.  the media is telling people you have to have 20% or more for a down payment in order to not carry mi.  Most people do not know that you can refinance or purchase a home with as little as 5% equity and not carry mi.

A tax advisor can give you advice about the tax implications and write off capabilities of mi but they should also inform you that if your combined income is over 100k those credits will and can dissapear.  Make sure to ask your lender about a no mortgage insurance option when you have less than 20% equity or are putting less than 20% down.  [link deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • November 02 2012 - US
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