What is PMI? Explained! #personalfinance #realestate

What is PMI? Explained! #personalfinance #realestate #shorts

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[theodoreprovo]

I just called my bank about reducing my PMI literally days ago lol. As well you get get a home appraisal and if the amount of principal remaining is less than 80% of the NEW value you can get this removed as well. Very nice with how the housing market and inflation have been affecting the market / home values.

[triskaidekaphile]

Your content has an excellent ROI man 👍

[MrNemitri]

Sadly FHA loans always pays PMI, even if you have 20% in equity, you would need to switch to a conventional loan by refinancing. And conventional loans have a higher interest rate.

[NickSprecher]

Depends on the bank. Mine has no PMI with 10% equity but to have to have accounts with them.

[chrisbell]

You left out some details. If you have an FHA loan PMI is forever…..

[jackscorner]

We are at 30% equity and still pay the PMI! The bank won’t remove it only way to take it off is refinance.

[theatlantafisherman]

So at 22% you find out what the house is actually worth.

[halletourneau]

Yeah, but it may now take a lot of time to get 20% equity. Sell it, then put more down on the house. Better yet, build our own with no HOA where you have some freedom on your own property.

[bclnstaff]

The Waffle House has found it’s new gost