re: Is avoiding PMI that important?

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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.

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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.