Asked by Rye27, Ocean Pines, MD • Wed Feb 1, 2012
save on the monthly PMI? currently have saved almost $100,000 for a new home but I do not want to carry two mortgages. If I pay off my current home I will not have the money for the 20% down. My question is... if I buy a home in ocean pines for $230,000. could I get a loan for that property for $330,000 from the mortgage company then put $100,000 down. This way I can pay off my other mortgage and save on the PMI.
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