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As soon as you know that you have at least 20% equity in the property you should be able to get out of your PMI. Just make sure that's the case, because your lender will charge you for an appraisal.
double check with a lender (or maybe one will post) but if it is FHA you have to meet both 20% of the purchase paid off AND 5 years of the note. If it's conventional you simply have to paid off 20% - that's how I understand it. If I'm wrong I'm sure someone will correct me. I hate PMI too...good luck to you!
Yes Clay, 30 yr fixed FHA with 3.5% down. So I guess, for me, I should strive to pay it down to 78% in 5 years, rather than the 3 years I was thinking. I dont like the idea of having to pay PMI unnecessarily, Id rather keep my money in the bank earning interest. Ill still overpay, just not as much
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