re: Home Loan - Refi vs PMI Question

quote:

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Yes, as long as your home appraises at an amount that gives you 20% equity, you can refinance and eliminate PMI with a conventional loan.

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OR

The lender pays PMI for you in exchange for a slightly higher rate than you would otherwise get.

Obviously, you may not want to do this if it raises your rate, but if you get the lender paid PMI AND lower your rate, its a slam dunk.