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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: loantech who wrote (31392)	4/29/2005 11:15:50 AM
From: ild	Read Replies (1) \| Respond to of 110194

Thanx. Do borrowers take adjustables or fixed?

To: loantech who wrote (31392)	5/1/2005 12:41:03 PM
From: Bill/WA	Read Replies (1) \| Respond to of 110194

lt, a bit of an OT question, if I may. My daughter & son-in-law bought a house/cabin on 5 acres here in CO. Ended up getting a low 30 yr fixed mtg with Countrywide. They wanted to put 20% down to eliminate the PMI, however, CFC told them, because the property appraised higher the the structure, even with 20% down, they'd still have to pay PMI. Now here's the kicker. They've substantially improved the house. They want to (have to) pay for another appraisal (house being worth more than the property now). However, CFC says that even if the appraisal works out, in order to eliminate the PMI, they have to re-finance. In my 34 yrs a a GC in S. FL, I've never heard of such a thing. Have you??? TIA, Bill/WA