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Message
re: Question about PMI
Posted on 10/29/10 at 7:15 am to medtiger
Posted on 10/29/10 at 7:15 am to medtiger
I'm pretty sure you pay pmi if you don't put 20 percent of the purchase price down. Thats how it was when I bought my house. If the house really appraised at 290, then you could maybe work a deal out with the seller to price the house higher and get them to give you the money back. You could then basically be putting their money down.
0
Posted on 10/29/10 at 8:42 am to eelsuee
quote:
Also, there is usually a minimum amount of time you can keep PMI (20 to 24 months I believe) even if you pay it down to under 80% during that time.
I am in this situation now with chase. They require minimum of 5yrs of payments to remove PMI. I should be able to get mine removed next month
Posted on 10/29/10 at 8:49 am to bayoudude
Most of the time with PMI they have 3 different outs. The shortest time to remove it is normally 2 years unless you have made substantial renovations. I got mine removed right at 2 years.
Posted on 10/31/10 at 2:13 pm to LSU1018
Pay 20% down of the purchse price and don't pay PMI
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