Re: removing MI - Posted by Mark (SDCA)
Posted by Mark (SDCA) on October 03, 2007 at 09:43:33:
Just down the street from you. Encinitas.
You might get by with a computer generated appraisal. All depends on the bank and their “rules”. But in this environment, I wouldn’t count on it.
Re: How do you do that? - Posted by DaveD (WI)
Posted by DaveD (WI) on October 03, 2007 at 12:18:12:
Trust me, I never assume folks don’t have money. Wouldn’t be prudent. I also understand leverage. And was only pointing out infinite leverage (something approaching nothing down) has a cost to it as well, one which is happily paid for by anyone wanting a high LTV loan.
Truthfully, I don’t do much in institutional loans any more having learned better ways to go about financing property.
But I do try to make sure any advise I give is understood.
You said: “No, the joke is that the insurance will only cover up to 20% of the loan balance, in this case, just under 40K.
I can offer them my own mortgage insurance.”
Mortgage guarantee insurance isn’t something you can buy on the street or otherwise self-insure for, other than the aforementioned re-fi to 80% LTV. Your quote was, and still is confusing to me.