Hey BP forum,
I'm looking to get a HELOC on an owner-occupied primary residence (my condo). Wells Fargo mentioned that they offer up to 85% LTV on the property. If I were to get 85% LTV, would I then need to pay PMI because I am borrowing 85%?
No. PMI applies if your first is over 80%. I have heard of PMI if you bought the property as say an 80/10/10, but it is not retroactive. I have several HELOCs that took me over 80% LTV and do not pay PMI on them nor the 1st.
NO, PMI will not apply
Best of luck on your next deal Spencer...