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A couple of thoughts that I would add to this dialogue:LPMI was originally crafted to allow for the tax deduction of the MI...back when MI was not tax-deductible. This was a good idea originally, but there is a down side to LPMI, which is that the lender's higher interest rate on the loan is permanent...it isn't reduced when the Loan to Value is below 80%, even though the lender is no longer paying for MI on the loan.With traditional borrower-paid MI on a conventional loan, the MI may now be tax deductible, depending on the income of the borrower, and the MI will go away once the Loan to Value drops below 80%.My advice would be to speak with a local mortgage professional to review your specific circumstances to determine which option would be more appropriate.
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