Quote:
Originally Posted by Pragmaticus
You are refinancing with closing cost not simply removing the PMI, are you?
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This might not make sense to do.
OP has not told us how far the LTV could be paid down with cash on hand, but it certainly doesn't have to go all the way down to 80%. Even if the lender would refuse to drop PMI over a second lien, there is always the intro credit card "loophole": Pay mortgage down to near 80% (but does not need to be 80%), then get 0 % APR credit card or cards to pay it down the rest of the way, to 80% LTV. Drop PMI, then get a HELOC to pay off the credit cards before the 0% rate expires. Presto - PMI killed, no closing costs.
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