Use pledged collateral to eliminate PMI

If you don't have enough money for a big down payment, and you can't (or don't want to) buy mortgage insurance or obtain a second mortgage, you've got another possibility. It's called pledged collateral. "We don't care where the collateral comes from," says Elmer Frank of First American Savings. "As long as we feel secure, we'll consider the loan. We've taken stocks, bonds, mortgages, retirement accounts, and once a Mercedes 300 SL Gullwing. We did, though, refuse to accept a racehorse."

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