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Reply to "getting rid of PMI...re-appraising after 24 months"
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[quote=Anonymous][quote=Anonymous]Or if the PMI isnt' big, just pay off that loan entirely.[/quote] It's not a second mortgage like an 80-10-10. PMI is Private Mortgage Insurance which is insurance for mortgage holder in case you default on your payments. If you have less than 20% equity in the home, it protects the bank from too big a loss. If the owner refinances showing more than 20% equity, the refinance can go through without the buyer paying the PMI.[/quote]
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