Vacation property 10 % down loan question
Hello! I am a real estate newbie who is interested in STRs in well established vacation areas. I have been scouting the forums on the topic, listening to podcasts, reading books, and reaching out to BP members. I am truly blown away with willingness of people on this website to share information, their time, and their experience. I have learned so much from the information from you all!
In my search I came across the 10% down vacation loan. I am wondering if there is PMI on it and if so, does it get taken off once the equity reaches 20%?
Thank you all in advance.
Best regards,
Marina
Most Popular Reply
@Marina Feldberg I worked with @Avery Carl's team (thanks Avery!) and @Parker Borofsky (thanks Parker!) was my mortgage broker. I was able to buy a cabin in TN with 10% down as a second home and pay extra PMI up front to eliminate it on our monthly mortgage payment. Can't remember how much it cost but it was very reasonable (ie $1k-$2k I think). So even though we put 10% down we have no PMI on our monthly mortgage payment. Maybe @Parker Borofsky can tell us how she worked her magic? Shout out to @Luke Carl for coaching us on remote self management and being generous with his time.