Thread: Home and Auto Gotta bite the bullet and refinance, but I have no clue what I'm doing...
View Single Post
Old 03-31-2013, 03:05 PM   #21
Ming the Merciless Ming the Merciless is offline
Emporer of Mongo
 
Ming the Merciless's Avatar
 

Join Date: Apr 2010
Location: Milky Way
Casino cash: $2717556
Quote:
Originally Posted by Stanley Nickels View Post
The value of my house is currently about 90% of what it was when I bought it, and I owe 83% of it's current valuation. I'm worried I might have to pay PMI because it's dropped in value. But the loan is less than its appraised value.
A lender *may want you to kick in cash to bring that to 80%

It would all depend on the appraisal most likely. So getting a lender who does the appraisal at no or little cost (their pocket) would be good so if the appraisal was short, you could protest or walk away without getting hit.

I believe 80 is the magic number for PMI but I'm not completely sure, since as an investor I cant make offers with less than 25-30% down.
__________________
----
2018 Adopt-A-Chief : Chris Conley

2017 Adopt-A-Chief : FRANK ZOMBO

Click here-->***The Holy Chiefsplanet Lexicon ****
Posts: 44,496
Ming the Merciless is obviously part of the inner Circle.Ming the Merciless is obviously part of the inner Circle.Ming the Merciless is obviously part of the inner Circle.Ming the Merciless is obviously part of the inner Circle.Ming the Merciless is obviously part of the inner Circle.Ming the Merciless is obviously part of the inner Circle.Ming the Merciless is obviously part of the inner Circle.Ming the Merciless is obviously part of the inner Circle.Ming the Merciless is obviously part of the inner Circle.Ming the Merciless is obviously part of the inner Circle.Ming the Merciless is obviously part of the inner Circle.
     Reply With Quote