Comments on: 5 Ways to Get a Mortgage Without Private Mortgage Insurance (PMI) https://www.goodfinancialcents.com/private-mortgage-insurance-pmi-avoid-mortgage-without/ Fri, 13 Oct 2023 10:05:07 +0000 hourly 1 https://wordpress.org/?v=6.4.3 By: leon https://www.goodfinancialcents.com/private-mortgage-insurance-pmi-avoid-mortgage-without/#comment-117755 Tue, 04 Aug 2015 16:15:31 +0000 http://gfc-live.flywheelsites.com/?p=20910#comment-117755 I have a FHA loan. Is it best to refinance to a conventional loan or wait the 5+ years and have the PMI eliminated when I reach the 80% mark.

]]> By: psychomoney https://www.goodfinancialcents.com/private-mortgage-insurance-pmi-avoid-mortgage-without/#comment-19448 Tue, 20 Dec 2011 14:22:25 +0000 http://gfc-live.flywheelsites.com/?p=20910#comment-19448 Another way around PMI is to put down 5 or 10% on the house. Take out a home equity line at the time of closing for the remaining to get you up to 20%, that would be 15 or 10%. Then you get your standard mortgage for the remainder.

Back before the bubble burst this was becoming common practice, immediately after the bubble burst they did away with this practice pretty much entirely. Since then I have heard of this starting to work again. I am sure you will have to search lenders a bit more to find one that might be willing to do this and there is a chance that this practice might not work at all in your market, but it is worth a shot.

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