Posted by JohnBoy on October 24, 1998 at 04:32:23:
I would call the bank and tell them thanks but no thanks. I don’t wish to accept any of their insurance offers. The property is way below 80% LTV and there isn’t any need for this type of insurance. Is this Private Mortgage Insurance your talking about or insurance that would pay off the loan in the event something was to happen to you?
In one of your above posts you stated that you would refinance in a year and pull out the cash you used to put down on this ($12,000). In the above post here you said you would be putting 10% down on the $54k.
$12,000 is 22% of $54k. 10% would be $5400.