Posted on: 14th Nov, 2010 02:29 pm
presently i have right at 20% equity in my home. if i do decide to refinance and i include the closing cost in the amount of the loan it seems my percentage of equity would go down. would i have to pay pmi since my percentage of equity would now be below 20%?
Hi pepper,
If the amount of equity goes below 20%, then you will be liable for paying PMI. It will be better if you could pay the closing costs on your own and maintain the 20% equity in your property.
Thanks
If the amount of equity goes below 20%, then you will be liable for paying PMI. It will be better if you could pay the closing costs on your own and maintain the 20% equity in your property.
Thanks
Hey there, just thought i'd stop by and say hi!
pepper there is a program out there called a refi plus that if you do onot currently have mortgage insurance you will not be rquitred to pay it under this program.. check with a local lender to see if they offer the DU refi plus. could help you lower your rate and keep it withut PMI