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Started By
Message
PMI bullshite
Posted on 11/14/12 at 8:53 pm
Posted on 11/14/12 at 8:53 pm
I'm buyng a home, and was under the misguided impression that PMI was only needed when the home's appraisal value to equity (down payment) was less than 80%. Under further review, it's the purchase price, not value, unless you are refinancing. Is that correct? (Conventional mortgage)
If it is correct, could I in theory buy the home, then immediately get it refinanced and then avoid paying PMI that way?
If it is correct, could I in theory buy the home, then immediately get it refinanced and then avoid paying PMI that way?
3
Posted on 11/14/12 at 8:56 pm to bojabu
In most cases, the lender will use the purchase price as the appraised value for the first year.
One option is going with single payment mortgage insurance. depending on the amount you put down, it may be only .25 higher in rate to get out of paying monthly mortgage insurance.
One option is going with single payment mortgage insurance. depending on the amount you put down, it may be only .25 higher in rate to get out of paying monthly mortgage insurance.
Posted on 11/15/12 at 7:24 am to bojabu
I've been getting my clients killer rate from a local lender here for 80/10/10 (+720)
3.5/4.25 respectively
3.5/4.25 respectively
Posted on 11/15/12 at 6:22 pm to bojabu
How can the value of a home be different from its purchase price?
You just established its value.
You just established its value.
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