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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?
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