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re: Is it worth accelerating mortgage payment to avoid PMI?
Posted on 1/26/16 at 9:03 pm to rpg37
Posted on 1/26/16 at 9:03 pm to rpg37
quote:
WF said no to what? They are required to take it off at 78%...
My loan is with Wells Fargo as well. They will not remove PMI unless you've made improvements to the property (even if an appraisal gets you to 20% equity). Based on the previous post not all improvements qualify.
I purchased my home in Uptown New Orleans in 2010 and it has significantly increased in value since then. Wells Fargo will not remove the PMI because I've made no improvements.
This post was edited on 1/27/16 at 12:40 pm
1
Posted on 1/28/16 at 8:48 am to Amory Blaine
Bought my house in July 2012, purchase price of $213k, discounts brought it down to $205k, appraised for $218k, put down about 12%.
Mortgage holder is Wells Fargo, got appraisal done through them in September 2014 (costs $400) to remove PMI, house needed to appraise for at least $226k, appraised for $240k. PMI removed about 2 yrs early and saved me about $2k.
Mortgage holder is Wells Fargo, got appraisal done through them in September 2014 (costs $400) to remove PMI, house needed to appraise for at least $226k, appraised for $240k. PMI removed about 2 yrs early and saved me about $2k.
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