re: First time homebuyer

quote:

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GMFS does... not sure exactly how it works, maybe they are self-insured so they can spread out the costs? Either way, it was explained to me that unless I plan on being in the house for 20+ years (not the case) that I'll come out ahead by not paying the PMI up front until I'm at 80%.

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Several companies have programs like these, however the rate is typically increased enough that the mortgage company makes the difference of no PMI back in the form of interest