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I talked to a Bank of America agent and he told me about this product Tax Advantage Mortgage Insurance (TAMI) instead of private mortgage insurance (PMI). He says I can get rid off TAMI once the LTV reached 80% just like PMI. But I did not find it anywhere else. Does anyone know more about TAMI?
he told me about this product Tax Advantage Mortgage Insurance (TAMI) instead of private mortgage insurance (PMI). He says I can get rid off TAMI once the LTV reached 80% just like PMI.
Please report this agent to his supervisor. TAMI never goes away unless you refinance. PMI goes away once you hit 80% ltv. Find a good broker who can give you honest and accurate information.
If you're in a high tax bracket and you're truly doing something better with the additional income each month then I suppose it's possible.
BUT, Private Mortgage insurance and "TAMI" are going to be far more expensive and far higher than mortgage insurance on a government loan. So any benefits from being a tax right off would be counteracted.
Example. TAMI is likely to raise the rate a full percent, when MI at highest is .55% of the loan amount, and it doesnt stay on for the full life of the loan.
It's all case by case obviously, but I wouldn't trust a guy "pitching" it like that with my allowance money.
Why not split your loan into a first lien to 80% and a 2nd lien for the remainder. that way you have no mortgage insurance... you get the lowest rate available... and the interest you pay on both mortgages is tax deductible. Your loan officer should have gone over this option with you as well.
But the main point i think of this post is the blatant lie. TAMI never goes away.
If you have good credit, I would check out single premium non-refundable mortgage insurance. It is paid lump sum at closing and can be added to your loan amount. It typically is the equivalent of paying 2 years of mortgage insurance.
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