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Updated over 1 year ago,
Removing PMI Before HELOC is Put On Property
I am currently renovating my primary home in North Carolina and intend to get a HELOC on the property after the renovations to keep my initial interest rate. A cash-out refinance does not work in my situation since I would need a 90% LTV for the deal to make sense.
Would I be able to remove my PMI from the mortgage, since the property would have more than 20% equity from the rehab before I get a HELOC on the property?
I appreciate the insight!