Pro tip...you can sometimes get around mortgage insurance with a HELOC. Bought my house as an 80 /10/ 10. I got a 1st mortgage of 80%, put down 10%, and got a HELOC of 10%. Since the mortgage was 80% I did not need mortgage insurance. The HELOC was interest only = low min payment, so I was able to pay it down faster. After ~ 5 years the value increased so I refinanced. The new mortgage paid off the previous two and I was now under 80% at that point.
Pro tip...you can sometimes get around mortgage insurance with a HELOC. Bought my house as an 80 /10/ 10. I got a 1st mortgage of 80%, put down 10%, and got a HELOC of 10%. Since the mortgage was 80% I did not need mortgage insurance. The HELOC was interest only = low min payment, so I was able to pay it down faster. After ~ 5 years the value increased so I refinanced. The new mortgage paid off the previous two and I was now under 80% at that point.
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