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This is a conventional loan that basically does away with a monthly mortgage insurance premium. The first mortgage would be for 80% the second mortgage would be for 10% and probably at least 1% higher rate, and the last 10% would be your down payment. The theory is that you can write off interest on your taxes but you can’t write off the mortgage insurance premium involved. On a 200,000 loan, the mortgage insurance premium could be as high as $72 a month.