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re: Can PMI be cancelled by building equity through home improvements?
Posted on 2/21/18 at 11:14 am to Olric
Posted on 2/21/18 at 11:14 am to Olric
quote:
Does that change things significantly?
yes. conventional loans ordinarily let you get out of pmi if you can demonstrate 20% equity through appraisal. fha doesn't allow this.
1
Posted on 2/21/18 at 11:25 am to lsujro
Ok that is very good to know. The previous comments have said my home improvements would not have significant impact on my appraisal but the home was built in 94 and left untouched since. Comps in the area at our time of purchase were 130 while we were able to buy at 102. At 2100 sq ft I feel as though that could be a significant impact. Is my logic sound that the more money I put into my home now the less I will have to throw away in PMI or should I use my excess funds to pay down the principal?
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