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Reply to "Question about PMI and refinancing"
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[quote=Anonymous]When I refinanced my house a few months ago, the appraiser went through the whole house, making notes and taking measurements of everything. It took quite a long time. He then took the information back and reviewed the comps to give us the value of the house. PMI is based on the value of the house. So, when you refinance, you borrow whatever it is you owe on the house plus whatever refinance costs you have. If that amount is less than 80% of the new appraised value of your home, then you don't pay PMI.[/quote]
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