Tax Advantage Mortgage Insurance?

[Administrator]

hi, countrywide has come up with this 'TAMIandquot; program where you dont have to pay mortgage insurance for not putting 20% down....i was given a 5.5 fixed for 30 years with PMI or 6.25 rate fixed with no extra PMI along with my Principal and interest......my question is if anybody knows how this works....is it a good idea to get it even though the 6.25 is a higher rate but i dont have to pay PMI with my Principal and interest.......so at 5.5% my Pandamp;I is 1564 + 213.51 PMI = 1777 but with the 6.25% rate i only pay Pandamp;I of 1696 which if you add up will save me $81/month they said.....anyone knows if this is a good move? let me know i really need to know the catch even though they of course say that there's no catch at all.....i know after 80% ltv i wouldnt be able to get my PMI out coz i dont have one at that 6.25 so im like stuck at 1696/month pandamp;i but with the 5.5 ill be able to take it out if my ltv is at 80% which will leave me at 1564 for my Pandamp;I......somebody please answer.....thanks


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(Source: mortgagefit.com)