You’re making an excellent return on your mortgage insurance investment. Still, you may want to get rid of your PMI, and that’s totally possible. Via a refinance, you can eliminate any type of mortgage insurance as long as your new loan amount is 80% or less of your home’s current value. You can now refinance.
Borrowers may also take out two loans to avoid paying private mortgage insurance, which is required on loans with down.
"Experts" tell you to avoid private mortgage insurance (pmi). They don’t tell you, though, that you could be leaving five-figure returns on the table.. Avoiding PMI is costing you $13,000 per.
There are several things you can do if you want to avoid paying PMI. One option is to take out a second mortgage. Some lenders will allow you to do this by setting up a home equity line or taking out a second loan. Be warned, though: you‘ll generally pay a much higher interest rate for this second mortgage than you will for the first.
Private mortgage insurance has good and bad points, and there are ways to avoid paying it without putting down the required 20%.and different options The Balance Home Buying: You Don’t Have to Pay Private Mortgage Insurance or PMI
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How to Avoid Paying PMI. Typical payments will be monthly with an upfront fee required at closing. PMI also applies to those who don’t have a home equity percentage of 20 percent in their house when they are getting a refinance loan, says Christian Durland, senior mortgage loan officer at CMG Financial in Greenwood Village, Colo.
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Home buyers who don’t have enough for the customary 20% down payment at closing will often resort to finding creative ways to avoid paying Private Mortgage Insurance or PMI. While there are a variety of different solutions that allow you to buy a home with the less than 20% down and still avoid paying PMI, depending on the program you choose.
The newlyweds took out two mortgages to avoid paying Private Mortgage Insurance. The first mortgage was for 80 percent of the home’s value, the second for 15 percent. By piggybacking the loans-an option for qualified borrowers-the couple saves $160 in monthly PMI payments.