To: RobRoy
The Weisels avoided the extra cost of private mortgage insurance by getting a so-called 80/20 loan — two different loans that equal 100 percent financing. That's insane. And interest only, to boot. Doubly insane.
7 posted on
12/04/2006 2:03:53 PM PST by
ArrogantBustard
(Western Civilisation is aborting, buggering, and contracepting itself out of existence.)
To: ArrogantBustard
>>That's insane. And interest only, to boot. Doubly insane.<<
It is also frighteningly common.
9 posted on
12/04/2006 2:05:24 PM PST by
RobRoy
(Islam is a greater threat to the world today than Naziism was in 1937.)
To: ArrogantBustard
Very few people have the cash on hand to make a large down payment to avoid private mortgage insurance. So to avoid that on their mortgage, they take out a piggyback one. As long as the times are good, its mangeable. Its when things go south that there's big trouble on the horizon.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
20 posted on
12/04/2006 2:15:07 PM PST by
goldstategop
(In Memory Of A Dearly Beloved Friend Who Lives On In My Heart Forever)
To: ArrogantBustard
Getting an 80/20 to avoid PMI is not insane. Paying PMI is insane.
Interest only is at least idiotic, if not insane.
54 posted on
12/04/2006 3:34:40 PM PST by
Petronski
(I just love that woman.)
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson