TodayWeBuy: Home Buyer and Seller's Network

Private Mortgage Insurance: One Strategy That Can Benefit You!

If you can't come up with 20% down on a home (and who can now a days), you'll pay Private Mortgage Insurance (PMI). PMI ends when you have 20% equity in your home.

One strategy is to buy a fixer upper and when extra money becomes available, make improvements to the property such that the home appraises at a higher value. This allows you to make changes that you like plus adds value to your home.

This strategy would work best if you were able to buy a fixer upper in a neighborhood where the average home price is higher than what you paid your home for.

To stop paying PMI, you'll need to pay for an appraiser and hope he appraises your home showing you have 20% equity.

TodayWeBuy · FAQ · 3 months · 3836 views
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