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Financing in 89031 : Real Estate Advice

  • All22
  • Local Info6
  • Home Buying6
  • Home Selling1
  • Market Conditions1

Activity 2
Mon Jul 10, 2017
Kathy Burgreen answered:
Contact a local lender (use your bank since you're already a customer) and find out if you're allowed to use the equity in your home to reduce the PMI. From my experience as a realtor, you cannot use equity to reduce PMI which means you won't be able to refinance.

Your situation is a major reason why buyers should not buy homes unless they have at least 10% cash for a down payment. PMI is very expensive and a waste of money. However, too many buyers don't budget properly and spend money foolishly. Then when they want to buy a home, they're stuck paying PMI because they never saved for a down payment.
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Tue Apr 17, 2012
Suzanne MacDowell answered:
I believe it's a two year waiting period, but it would be nice to have that confirmed by a mortgage professional.
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