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Reply to "Can I refinance with less than 20% equity (without coming up with the cash to hit 20% at closing)"
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[quote=Anonymous][quote=Anonymous]We refinanced last spring with less than 20% equity (bought in 2005 and home value had dropped about $80k). Our loan was not owned by Fannie/Freddie so the gov't program was not an option. We went through a broker and paid cash to hit 10% equity (also could've done 5% equity but we wanted to do 10%), then paid PMI in a lump sum up front. Yes, it was painful, but the lower interest rate and reduction in the principal together lowered our monthly payment by over $800. [/quote] Is there any benefit to paying the PMI upfront instead of spreading it out over the loan? Also, do you mind sharing the interest rate you got? thanks[/quote]
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