Is it better to get PMI or equity line of credit

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My husband and I are first time home buyers we have already been approved for our loan. My question is we are putting down 15% the reason I do not really want to do PMI is that I found out in order to get rid of it through Wells Fargo I will have to pay for a new appraisal, which is around $500.00 I feel like that is ridiculous and I can potentially pay the extra money to reach 20% and the appraisal says my house value went down or something. Also since I just paid to get the house appraised in order to buy don’t really want to put pay for it again so soon. The 5% that I am short is not very much and will be able to pay it off in 4 months time. I understand that the equity line of credit has variable interest rates but if I can pay it off in 4 months is that better than being stuck with PMI and having to appraise my house again?

Thanks


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If you have 15% down and your goal is not to have mortgage insurance. I can provide you with financing up to 95% with No Mortgage Insurance based on your scenario above. Please give me a call at 800-310-7577 and we can discuss your options.

Thanks,

Joe Moore Branch Manager Mountain West Financial Direct: 714-655-0166 E-Mail: joe.moore@mwfinc.com

Answered almost 2 years ago

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Good Morning,

Yes, there are options for having No MI as it can be paid through your interest rate being offered, subject to restrictions. I am able to originate mortgages in all 50 States and would be happy to offer a Free, No Obligation review of your current financing package. Just contact me through this site and I’d be more than happy to see what we can do. Good Luck!

I am also on Lender411’s website too and Ranked # 1 throughout the United States. Good Luck.

Answered almost 2 years ago

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PMI is required to be automatically removed when a borrower reaches 22% equity based on the initial sales price, with no appraisal required. Yes, there certainly are options for no pmi loans, but they involve higher interest rates that last the life of the loan, rather than a minor monthly fee that falls off. Don’t fail to examine all your options. Taking a higher interest rate to avoid a separate PMI charge may, or may not, be in your best interests!

Answered almost 2 years ago
Ted Rood
1330 6

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