Asked by Sanakr, Carmel, IN • Thu Nov 5, 2009
I am buying a new home with 10% down payment. The lender called for an appraisal and it turned out to be 9% more than my purchasing price( I got nice discount :)).
Now, I asked my lender. Should I pay 11% down payment that will make 80% LTV. so that I can avoid PMI. It seems they go with lesser amount between purchas and appraised value.
1. Is it correct?
2. If yes, Can I refinance in 6 months and enjoy the higher appraisal value?
Please help me understand how it works.
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