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Real Estate
Reply to "How can I refi with less than 20% equity?"
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[quote=Anonymous]Do you have at least 3.5% equity? Then you could refi into an FHA loan, but then would have to pay monthly PMI so you would need to see if you saved on the monthly payment. Otherwise, you could refi with 10% equity and take an 80% loan with an additional 10% loan. In this scenario you can get rid of monthly PMI and pay just the upfront PMI funding fee at closing - resulting in a lower monthly payment. However, with both situations, you need to pay the upfront fee at settlement, so you are looking at about 3% in closing fees. You really need to have the lender run the numbers to see if you are saving money. [/quote]
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