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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?
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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