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Real Estate
Reply to "Question about PMI and refinancing"
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[quote=Anonymous][quote=Anonymous]I should have added that you can borrow less than what you owe and make the rest up with savings in order to avoid PMI. And depending on your credit rating, bank and income, you can take out one mortgage for 80% of the appraised value and another for the difference. The second mortgage will e at a higher rate, but probably not much higher.[/quote] Thanks, this is helpful. Our lender also told us the appraiser would come inside the house, which is contrary to what a friend told me. So that makes me feel better. As long as the appraisal isn't significantly lower than what we paid, we should be able to use our savings to meet the 20% equity threshold and then will finance the balance. PMI is such a waste, and it's good to know there's no conspiracy to keep people paying PMI forever.[/quote]
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