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#1 |
Senior Member
Join Date: Jan 2006
Posts: 1,176
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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. |
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#2 | |
Senior Member
Join Date: Dec 2005
Posts: 5,996
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![]() Quote:
You will not pay the pmi. |
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#3 | |
Master
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__________________
Ernie Johnson: "Auburn is a pretty good school. To graduate from there I suppose you really need to work hard and put forth maximum effort." Charles Barkley: "20 pts and 10 rebounds will get you through also!" |
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#4 | |
Senior Member
Join Date: Jan 2006
Location: Moscow, ID
Posts: 1,151
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If you're planning to turn the house fast, it's a really good way to go.
__________________
I reject your reality and substitute my own... |
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#5 |
Senior Member
Join Date: Aug 2005
Posts: 1,817
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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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#6 |
Senior Member
Join Date: Jan 2006
Location: Kaysville, UT
Posts: 3,151
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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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