- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Question about having PMI removed from mortgage
Posted on 10/26/16 at 11:55 am
Posted on 10/26/16 at 11:55 am
My mortgage is currently through Wells Fargo. My loan to value ratio recently hit 80% and I inquired about having PMI removed. They gave me the option of (1) having an appraisal conducted to prove the value of my house hasn't went down and that the LTV ratio is still 80% or lower or (2) paying a lump sum (+/- $5000) towards my principal get my LTV ratio down to 78% and not having to worry about an appraisal. Lets say that I went with option 1 and got an appraisal and my home value has decreased and I'm no longer at my 80% LTV ratio. Would option 2 still be on the table using the original value of my house with me paying the $5000 to get to 78% or will they recalculate using the revised home value and require me to pay more of a lump some to get to 78%?
I hope that isn't too confusing
I hope that isn't too confusing
5
Posted on 10/26/16 at 12:04 pm to ForeverLSU02
I think if you go either option the other is off the board. I may be wrong about this, but I think you can buy out your PMI by paying a higher rate? This may have to be done on the original purchase rate though.
Posted on 10/26/16 at 12:13 pm to ForeverLSU02
quote:
My mortgage is currently through Wells Fargo
stopped reading... hate those frickers.
but good luck though. Posted on 10/26/16 at 12:46 pm to ForeverLSU02
You could just call Wells Fargo back and ask whoever is on the phone about this. They'll tell you. I know a lot of people hate Wells but the people on the phone have been generally helpful to me.
Or if you're just curious about the value first; pay for a private appraisal to hedge your bets.
Or if you're just curious about the value first; pay for a private appraisal to hedge your bets.
Posted on 10/26/16 at 12:58 pm to ForeverLSU02
I actually just went though this with WF. I needed to show that was house had appreciated about 30-40K since I purchased it 3 years ago to get rid of PMI. I had reason to believe that it was well over that amount based on what other houses were selling for in my neighborhood. Option 2 was too much money. I paid for the appraisal and it came in just over what I needed so option 1 worked out for me
Posted on 10/26/16 at 1:48 pm to DawgCountry
Thanks guysPosted on 10/26/16 at 2:04 pm to DawgCountry
I also have a mortgage thru Wells Fargo. My current LTV ratio is only at about 10%. Does this mean that I can have my house reappraised and if it has appreciated enough to push my LTV ratio up to 20% - they will honor that reappraisal number when considering the removal of PMI (rather than the original loan amount)?
I've only been in the house 4 years but we have done a little work to it and property values are way up since then.
Also, do you have to get an appraisal thru the lender?
I've only been in the house 4 years but we have done a little work to it and property values are way up since then.
Also, do you have to get an appraisal thru the lender?
This post was edited on 10/26/16 at 2:05 pm
Posted on 10/26/16 at 2:42 pm to WeeBeaux
quote:I assume you mean a LTV ratio of 90%? You shouldn't be worried about PMI if you're at 10% LTV ratio
I also have a mortgage thru Wells Fargo. My current LTV ratio is only at about 10%.
I believe I follow what you're saying though. Call WF and tell them that you're interested in having your PMI removed. They will send you a letter in the mail with the 2 options that I listed above. If you get an appraisal and you owe less than 80% of the new appraised value they should remove the PMI. The problem that I'm having is I believe my home's value may have went down in the last 5 years since I bought it.
Posted on 10/26/16 at 2:55 pm to ForeverLSU02
quote:
I assume you mean a LTV ratio of 90%?
Yes - 90%, my bad.
Cool, definitely going to look into this within the next year. Thanks.
Posted on 10/26/16 at 2:58 pm to ForeverLSU02
I just removed PMI Monday from my loan. You HAVE to call Wells Fargo and order an appraiser through them, you cannot use your own. Mine cost $550 and I had a copy emailed to me the next day. It took wells fargo about 3 or 4 weeks after receiving the appraisal to remove the PMI and 2 phone calls, but it did happen.
Posted on 10/26/16 at 3:34 pm to lsuCJ5
quote:Yeah, that's what concerns me. I'll use that $550 appraisal cost towards principal because I have a bad feeling they will say that my home's value has decreased. I'll go ahead and pay the lump some and have the PMI removed that way
You HAVE to call Wells Fargo and order an appraiser through them, you cannot use your own.
Posted on 10/26/16 at 3:34 pm to WeeBeaux
quote:Yep
Also, do you have to get an appraisal thru the lender?
Posted on 10/26/16 at 3:38 pm to ForeverLSU02
i've had 2 appraisals done on my house recently, let me just say i think these dudes are pretty conservative to say the least.
Posted on 10/26/16 at 4:23 pm to Chad504boy
through WF?
Posted on 10/26/16 at 6:45 pm to ForeverLSU02
I think my appraisal was about 4 months of PMI payments so that's how I looked at it. In 4 months, the removed PMI would cover the appraisal (paid through WF)
Posted on 10/26/16 at 7:50 pm to DawgCountry
That's a good way of looking at it. Mine would probably be the same. I just have a bad feeling about the appraisal
Posted on 10/26/16 at 8:18 pm to ForeverLSU02
Nah, but these appraisers are all independent and random.
Posted on 10/27/16 at 7:46 am to Chad504boy
quote:
Nah, but these appraisers are all independent and random.
The lender appointed appraiser was a local company. Come to find out, it was the same company they used when I purchased the house in 2013.
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News