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Started By
Message
Getting rid of PMI
Posted on 4/19/14 at 11:57 am
Posted on 4/19/14 at 11:57 am
Can anyone help me understand this? Have had house for about 2 years. It's valued at about 185. I bought it for 150. I've paid every month on time.
4
Posted on 4/19/14 at 12:16 pm to couv1217
quote:
Getting rid of PMI
If its an FHA you will have to refi.
Posted on 4/19/14 at 12:22 pm to barry
It's a traditional loan
Posted on 4/19/14 at 1:31 pm to couv1217
quote:
It's valued at about 185. I bought it for 150.
What matters here is loan to value, not price to value. So assuming a 30 year amortization your principle balance should be just south of 150, which would put your LTV below 80% (most likely...as long as the house will actually appraise for 185).
Check the loan docs you got at closing to see how PMI is dropped. It could be automatic or it could be something you have to request from your lender/servicer.
Posted on 4/19/14 at 2:04 pm to couv1217
Wrong thread
This post was edited on 4/19/14 at 2:37 pm
Posted on 4/19/14 at 10:33 pm to couv1217
As I understand it when the difference goes below 20% you can request the lender remove it depending on the type of loan you have. The lenders won't auto remove it until it goes under 78%. I did a little research on it trying to get it off myself a year back. Ended up just selling the house so nothing ever came of the research.
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