Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Should I wait to save up 20% downpayment on a 500k condo?
If you already have the money, put the 20% down but here is another option: You can put whatever you want down...Let's say 10%. For the other 10%, take out a 2nd mortgage. This enables you to avoid PMI. The rate you will get on the second mortgage will be higher than the first but the combination of 2 mortgages may be less than 1 plus PMI. When you get to 20% equity you can refinance and consolidate to one lower rate mortgage without PMI.