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re: Dilemma in trying to get rid of PMI while searching for a new home
Posted on 3/20/19 at 1:44 pm to tiger10lsu
Posted on 3/20/19 at 1:44 pm to tiger10lsu
If you wait to buy the new house AFTER you sell the existing home, you will have, in cash, whatever equity is in your existing home which you could use towards the 20% goal.
By paying the additional $1800/yr on the loan, assuming it all goes towards principle, you could come out ahead if the home appreciates in value. You are subject the housing market in your area obviously. The safest route would be to put the $1800 in a high yield money market or savings account that way its liquid when you need it.
By paying the additional $1800/yr on the loan, assuming it all goes towards principle, you could come out ahead if the home appreciates in value. You are subject the housing market in your area obviously. The safest route would be to put the $1800 in a high yield money market or savings account that way its liquid when you need it.
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