07-28-2008, 05:07 PM
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#1 (permalink) |
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PMI
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! 
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07-28-2008, 06:15 PM
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#2 (permalink) |
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Miss Puerto Rico
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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. |
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