2006-08-30 05:37:52 · 5 answers · asked by mortgage_info_4u 2 in Business & Finance ➔ Renting & Real Estate
Get "80/20 mortgage" to avoid PMI if you can not come up with 20% down. Do google search on it to find more.
2006-08-30 05:44:21 · answer #1 · answered by Rauf 2 · 0⤊ 0⤋
Not sure if this differs from sate-to-state.
But I believe you have to have 85% loan-to-value paid off on your house before the mortgage company will remove PMI.
Call your mortgage company, they will email you a form you can use to make the request to have PMI removed. If you are not at their loan-to-value threshold, they should state in the response how close (or how far) you are.
2006-08-30 12:42:46 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Good time to buy?
In most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years.
If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price.
If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable.
Nothing is absolute, but housing market is very likely undergoing a correction and this is only the beginning. Some say this would be a soft landing (0 to 10%). Some say a big crashing is coming (10 to 20%).
2006-08-30 17:04:45 · answer #3 · answered by Price is what you pay for value. 3 · 0⤊ 0⤋
In order to avoid, or get rid of PMI, usually you have to have at leat 20% equity in the property. So, if you're buying a $200,000 home you need to put sown at least $40,000, to avoid PMI.
2006-08-30 12:40:20 · answer #4 · answered by jim 6 · 0⤊ 0⤋
Either put down a 20% down payment or a 10% down payment and use it for collateral to take out a 10% home equity line of credit and use it toward a down payment.
2006-08-30 12:40:11 · answer #5 · answered by porkchop 5 · 0⤊ 0⤋