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[QUOTE]Originally posted by stanger00: [QB] [QUOTE]Originally posted by 135.0: [qb] [QUOTE]Originally posted by stanger00: [qb] I bought a house earlier this year when rates were starting to creep back up and have since crawled back down. Anyway, I bought a home with my GF at the time, we are engaged now, and we went with a conventional loan. We got a fixed APR and only put 5% down plus closing and our PMI is based off of our credit score which was really the only shitty part of the process. We had a very good broker to help walk us through our options with going with a FHA loan or a conventional loan. For us, after discussing, we decided to go conventional. Yeah, we pay PMI but we will be able to refinance out if our home climbs up in value at no cost. At this rate I don't see us getting out of our PMI until we sell our home for another. We only plan on living here for the next 5ish years. I'm a veteran so the next home we will use a VA backed home loan. Couldn't use it on this home because we are not married. If I had the money we would of put 20% down but we didn't. [/qb][/QUOTE]You won't even have to refi, just when you see values up call the bank and get an appraisal. Maybe 3-400 bucks and off the PMI goes. [/qb][/QUOTE]If the house ever makes it to 20% equity in the next 5ish years. We will for sure be calling up the bank to have it dropped. [/QB][/QUOTE]
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