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Real Estate
Reply to "Question about PMI and refinancing"
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[quote=Anonymous]We're in the beginning stages of refinancing our home. Our intention was to plunk down $25k so we could eliminate our PMI and then refinance to a 15-year mortgage. I didn't understand that we'd have to have an appraisal done to eliminate the PMI (naive first-time homebuyer!), and that our "payoff" number would be determined by its appraised value and not the purchase price. We purchased our home in 2009 and prices in our neighboorhood have held steady, but I'm still worried about the appraisal because non-rehabbed houses in our 'hood sell for $100k less and I've heard the appraiser doesn't even go inside the home. Does anyone have experience with this? Is it in the lender's best interest to be skimpy with the appraisal so that they have to give you a crappy rate and then make you pay PMI forever? We could obviously shop for a new loan, but we'd have to shell out $500 for each new appraisal, correct?[/quote]
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