Re: can anyone afford to put down 20%? - Saab General Bulletin Board - Saabnet.com
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Re: can anyone afford to put down 20%?
Posted by Rich (more from Rich) on Thu, 20 Oct 2005 19:27:57
In Reply to: Re: can anyone afford to put down 20%?, Geoff, Thu, 20 Oct 2005 18:27:54
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I understand the equity cusion thing. What I am saying is what is the best way to deal with the bank on this issue? I have made many improvements to my home and I would like to get rid of the PMI. I have redone almost everything in my home. Other home are going for 50% more than I purchased my home for in the area I live in. I have built up more than enough equity to not have PMI but the bank says I only own 5% of my house. The work I have done on my house and the cost to value ratio is more like $1 to $3. I make 200% because I do all the work and I build everything that goes into my home. The value of normal homes in my area have increased 18.5% in the last year. That would be without upgrades. I made upgrades to make my home move in condition. When I purchased the home it was not in move in condition. I am just looking for the easiest way for me to deal with the bank when it comes to removing the PMI from my mortgage. I have an very low 30yr fixed interst rate mortgage and there is no possiblity of refinancing with another bank. I am looking for the best way of dealing with the bank on this issue. Basically the ball is in the banks hands and I would like to deal with them in the best possible manner.
Thanks,
Rich
posted by 69.37.11...
Posts in this Thread:
- Way O/T getting rid of PMI (long), Rich, Thu, 20 Oct 2005 15:05:42
- Re: Way O/T getting rid of PMI (long), Avanti, Fri, 21 Oct 2005 23:28:23
- Thank you all., Rich, Fri, 21 Oct 2005 15:41:12
- The ONLY way to get rid of PMI (and keep 4.5%), Jeff B, Fri, 21 Oct 2005 11:37:43
- what is PMI?, rob , Fri, 21 Oct 2005 11:35:29
- Re: Way O/T getting rid of PMI (long), SWEDECAR , Fri, 21 Oct 2005 09:29:31
- Re: Way O/T getting rid of PMI (long), Rafe, Fri, 21 Oct 2005 07:21:04
- Get a Realtor to do a Market Analysis, JimN, Fri, 21 Oct 2005 06:55:25
- why not covert the amount over 80% to a 2nd mortgage, hte originalMJM, Fri, 21 Oct 2005 05:29:55
- Re: Way O/T getting rid of PMI (long), Rich T., Fri, 21 Oct 2005 05:15:10
- LTV is the key, Geoff, Thu, 20 Oct 2005 15:46:21
- Re: Way O/T getting rid of PMI (long), michael p, Thu, 20 Oct 2005 15:39:43
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