Found a sneaky way to skip the PMI on a cash out refi

My lender tried to hit me with a $320 monthly PMI charge on a 90% LTV refi until I asked them to structure it as a 80/10 piggyback loan instead. Has anyone else pulled this off without the bank fighting you on it?

2 comments

2 Comments

perry.karen10d ago

Got my lender to agree to an 80/10 loan but only after I accidentally called it a "piggy bank" loan instead of piggyback. Made me look like a total idiot but hey, saved me $320 a month so I'll take the embarrassment. Just keep pushing them on it and point out they'll still make money on the second mortgage.

uma_webb285d ago

Piggy bank loan" is hilarious, I totally did the same thing but at least it worked.