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Real Estate
Reply to "Removing a second home rider from mortgage - how does it works?"
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[quote=Anonymous]We just had a similar thing happen. We bought a foreclosure with an FHA loan. We've done a ton of DIY and paydown and are now at 20-25%. So, we decided to refi to lose the PMI and get a better interest rate. The new lender knew those were our goals. But he still had us signing up for another FHA loan at TWICE the PMI cost of our existing loan. Luckily, my husband is in the mortgage business and caught the error but not until after we'd done the paperwork and application. Crazy. I agree with the pp who said it's worth it to get a specialized lawyer or adviser who can explain to you what you're really getting. Unfortunately, OP, I think you're now in a situation where you need legal advice after the fact. That would be my first step. [/quote]
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