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re: Question About Home Purchase,PMI, and Appraisal Value
Posted on 9/13/12 at 4:11 pm to GRTiger
Posted on 9/13/12 at 4:11 pm to GRTiger
quote:
Can't you get an appraisal after purchasing the home and send it to the bank as a way to prove that the LTV is 80% or less?
Yes, but isn't there a waiting period of a year or two before they allow that? Hopefully someone else will be able to confirm that.
In other words, you can't close the loan on day 1, have a new appraisal done on day 2 that is higher than the amount you paid on day 1, and then apply for removal of PMI. You have to wait a certain amount of time.
Someone please correct me if I'm wrong.
This post was edited on 9/13/12 at 4:12 pm
1
Posted on 9/13/12 at 4:17 pm to WikiTiger
you are correct Wiki most MI comanys have a 2yr mim you have to pay the monthly MI
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