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Posted on 7/26/23 at 1:40 pm to BabyTac
quote:
Paying cash and not having to beg for a loan.
Posted on 7/26/23 at 2:34 pm to mitchel1128
quote:Sounds fake to me.
Someone told me that if you haven't been late on your mortgage payments in a year or two, sometimes they will take the PMI off even if you haven't met the 20%. Has anyone ever heard of this before?
But if you've had 2 years of on-time payment history, you might have 20% equity due to appreciation in home values over the past couple of years.
ETA: if you think you have 20% equity due to values going up, you'd need to call your mortgage company and request an appraisal to have the PMI taken off. You'll have to pay for the appraisal. But if the appraisal value isn't high enough to get you to 20% equity, then you're out the cost of the appraisal...so look at what comps in your neighborhood have recently sold for. You can find recent sales info on Zillow
This post was edited on 7/26/23 at 2:38 pm
Posted on 7/26/23 at 2:53 pm to Tiger Prawn
In non disclosure states like Texas, Zillow, Redfin, Realtor, etc…are very inconsistent and pretty much useless.
Posted on 7/26/23 at 4:08 pm to mitchel1128
The only insurance you get ZERO benefit from even though you pay for it
Posted on 7/26/23 at 4:44 pm to BabyTac
quote:
Baby Tac
Amazing troll
Posted on 7/26/23 at 5:03 pm to ColoradoAg03
quote:
I bought in 2020 at 2.75% interest on 8% down for a $235k house. My PMI payment is $46/month. It’s now appraising for $385k in 2023 with interest rates around 6-7%. If you're still paying PMI, you should've already requested an appraisal to drop PMI with those numbers you've presented. You should've requested that back when the anticipated appraisal value was around $270-275k. You've been paying PMI much longer than you've needed to. quote:Which would have been the better deal? Waiting the few years to save up to hit 20% or eating the $46/month? You made the right decision in 2020, but didn't request PMI appraisal/drop as soon as you could've, if you're still paying it.
Depends on the type of loan. Some loans only go off the purchase price of the house and what’s owed. It Vicki’s be worth 1 mil and they still may not drop it if the original purchase was $235,000 and what’s owed is 210,000.
Posted on 7/26/23 at 7:30 pm to Teauxler
quote:
The only insurance you get ZERO benefit from even though you pay for it
This. Can someone tell me in factual terms what PMI is?
Was it useful during 08?
Posted on 7/27/23 at 10:17 am to BamaCoaster
quote:
Can someone tell me in factual terms what PMI is?
PMI insures the lien holder against your default on the loan. PMI doesn't insure the homeowner.
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