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Thread: PMI

  1. Account Closed
    Trey's Avatar
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    #1

    PMI

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    Do you need this if you don't have a 20% down payment, but you gain 20% instant equity? Meaning if the house was appraised for more than you bought it for you and automatically "have" that equity required? Does that make any sense?

    TIA!
  2. Miss Puerto Rico
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    Miss Puerto Rico
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    #2
    I would think not, because if you buy a house with less than 20% down once you cover 20% of the value you could refinance and get rid of PMI so I'm really thinking you would not need PMI but I could be wrong.
    There are other ways to avoid the PMI too. You could get an 80/20 mortgage.
  3. Bex
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    #3
    You would have to refinance

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