05-15-2006, 07:15 PM | #1 |
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Pmi
how do i avoid PMI on a loan without 20% down? any sneaky ways?
Last edited by livecoug; 05-15-2006 at 07:20 PM. |
05-15-2006, 07:42 PM | #2 | |
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You will not pay the pmi. |
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05-16-2006, 12:35 AM | #3 | |
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05-16-2006, 01:30 AM | #4 | |
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If you're planning to turn the house fast, it's a really good way to go.
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05-21-2006, 03:45 PM | #5 |
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On all of my home loans, we have done an 80/15/5 split. We take a main home loan of 80% of the house, we then have a 15% HELOC and then we put down 5%. This allows us to have a little money left over in the HELOC (the full HELOC is for 20% but we only draw 75%, the other 25% of that loan is what we paid on the downpayment). Doing it this way allowed us to get a better interest rate on the loans.
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05-24-2006, 04:21 PM | #6 |
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IMO, any mortgage broker who does not reccommend this route to you from the get go is an idiot. If someone is saying you have to pay PMI, shop elsewhere.
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