There are two ways you get can around paying PMI. Even though they might be more expensive in the long-run, they do get you out of your PMI quickly. Get Two Loans, a.k.a. Piggyback Mortgage. You can get around paying PMI by taking out two loans instead of one to cover the cost of your house. Here’s how it works:
Refinancing to Get Out of Paying PMI It is estimated that there are more than six million homeowners in the U.S. that are eligible to refinance their mortgage. With home values rising and mortgage rates holding at low levels, refinancing is a smart option for many homeowners.
One way to get rid of PMI is to simply take the purchase price of the home and multiply it by 80%. Then pay your mortgage down to that amount. So if you paid $250,000 for the home, 80% of that.
Paying PMI allows you to get into a home — and begin building equity — when you. Your lender will likely want to use their appraiser, so contact the lender to find out how to take this step. An.
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No one wants to have to pay private mortgage insurance (PMI) on a mortgage. It isn’t cheap and it adds to the monthly cost of the loan. Figuring out whether you can avoid PMI starts with.
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Private Mortgage Insurance and How to Eliminate It – Private mortgage insurance, or PMI, is insurance that lenders require borrowers to have when they get a mortgage and don’t have enough equity in the home. For many buyers seeking a mortgage, avoiding the added expense of PMI means coming up with a 20% down payment when buying a home.
PMI buster No. 1: Pay down your mortgage. The easiest, albeit slowest, way to get rid of your PMI is by making your mortgage payments on time each month. Once your loan-to-value ratio (LTV) reaches 80 percent, you can contact your lender to begin the process of taking off the PMI.