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re: Is avoiding PMI that important?
Posted on 12/31/14 at 8:57 am to BoogaBear
Posted on 12/31/14 at 8:57 am to BoogaBear
It is important because PMI really is just throwing money away, but it all depends on the situation. We built our house in 2011 and only put 10% down because we didnt want to totally deplete all of our liquid based on the size house we were building. A year and a half later we refinanced and with our new appraisal we had gained $125k in equity. PMI gone. It was a good move.
1
Posted on 12/31/14 at 9:06 am to Titan
quote:
It is important because PMI really is just throwing money away, but it all depends on the situation.
A year and a half later we refinanced and with our new appraisal we had gained $125k in equity. PMI gone. It was a good move.
I would argue not taking a mortgage with PMI would have been throwing money away. I'd argue this is true for 90% of all buyers who bought post housing bubble.
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