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Posted on 1/23/16 at 6:41 pm to Rize
Incorrect. Automatic PMI cancellation at 78% LTV is based on the original value, not purchase price. Typically, most banks require you to carry the PMI for 2 years and then auto cancellation kicks in, if you had equity from the beginning aka got a great a appraisal.
If your home appraised for the purchase price, after 2 years of PMI, you can request the PMI to be removed based on a new appraisal. This could be due to accelerated pay or renovations for higher value that would put your LTV to 80% or better.
If your home appraised for the purchase price, after 2 years of PMI, you can request the PMI to be removed based on a new appraisal. This could be due to accelerated pay or renovations for higher value that would put your LTV to 80% or better.
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