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Started By
Message
PMI roll off
Posted on 9/29/17 at 9:47 am
Posted on 9/29/17 at 9:47 am
So I am coming up on 5 years since we re-financed in December and should be getting PMI off my monthly payments. Does anyone know if you have to do anything or does the mortgage company roll it off automatically?
5
Posted on 9/29/17 at 9:50 am to RandySavage
quote:
So I am coming up on 5 years since we re-financed in December and should be getting PMI off my monthly payments. Does anyone know if you have to do anything or does the mortgage company roll it off automatically?
I wouldn't rely on them to do it automatically. I would call and ask them what you need to do. Mortgage companies tend to require everything in writing.
Posted on 9/29/17 at 10:46 am to RandySavage
I'm pretty certain that you have to call and ask them to remove it.
Posted on 9/29/17 at 10:57 am to RandySavage
Generally
You can request removal at 80%
It will auto-terminate at 78%
Be prepared to potentially have to pay for a new/updated valuation
78/80% are based off LTVs, not years
You can request removal at 80%
It will auto-terminate at 78%
Be prepared to potentially have to pay for a new/updated valuation
78/80% are based off LTVs, not years
This post was edited on 9/29/17 at 10:59 am
Posted on 9/29/17 at 12:06 pm to RandySavage
With Wells Fargo, mine automatically came off at 78% and I didn't have to do anything.
Some people say you can "request" to have it taken off at 80% but I don't really understand that as you can also just request to have it taken off at 83% or 88% or whatever, they are still going to tell you no either way.
Some people say you can "request" to have it taken off at 80% but I don't really understand that as you can also just request to have it taken off at 83% or 88% or whatever, they are still going to tell you no either way.
Posted on 9/29/17 at 12:28 pm to RandySavage
quote:
So I am coming up on 5 years since we re-financed in December and should be getting PMI off my monthly payments.
Are you also coming up on 78% LTV?
Posted on 9/29/17 at 12:41 pm to ATLdawg25
Yes we have passed that threshold so just waiting for the time to pass.
Posted on 9/29/17 at 12:57 pm to RandySavage
i recently looked into this myself and my 5 years hits in april.
but we're only at 83% LTV. What a bummer.
but we're only at 83% LTV. What a bummer.
This post was edited on 9/29/17 at 12:58 pm
Posted on 9/29/17 at 1:10 pm to RandySavage
I hope you don't have wells fargo. they pulled some HUD statement out the weeds and said my PMI could not be removed until my loan reached 75% loan to value, on a conventional loan. I had a appraisal ordered through wells fargo and it came back 74% so frick them, it was removed.
call and ask, I bet no one will do it just because you have automatically reached the 5 year mark.
call and ask, I bet no one will do it just because you have automatically reached the 5 year mark.
Posted on 9/29/17 at 1:23 pm to PhiTiger1764
quote:
Some people say you can "request" to have it taken off at 80% but I don't really understand that as you can also just request to have it taken off at 83% or 88% or whatever, they are still going to tell you no either way.
Well if you request it at 80% they won't say no, they'll make you pay for an appraisal and if that comes back at at least the 80% value then they will remove it.
But anything above 80% then yes, they will tell you to GFY then
This post was edited on 9/29/17 at 1:26 pm
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