I’m not familiar with a ‘nee’ loan, but I’m assuming the 80-10 or 75-10 equals the 85% or 90% LTV. My current LTV is 90% or thereabouts, according to comps in the area, and the FMV(Tax assessed value?) is below my loan value but that’s very typical in my area. I’ve only been in the house 2 months, but no prepayment penalty on my current loan, so I could refinance.
Tax Assessed Value $160k
Loan - Principal $174k
Comps in area $190-195k
Thanks again for the help some opportunities here.
Long story short…I sold my home and asked the buyer to take back a note for $4k since I owed more than the selling price because of a pre-payment penalty. So in buying my next house at the same time, which I’m buying with equity built in, my mortgage co. increased the PMI to over $400/mo because I did not have the funds to pay that note off at that time. Since I’ve been in my house, I have used some of the equity to pay that note off (90 day note at 6% annual - pretty nice I thought). My problem is I’m still paying over $400/mo in PMI, and the difference between a new appraisal and what I owe is still less than the magical 20% needed to rid myself of the PMI. I did not qualify for the 80/20 loan at the time I bought this new house because I only put 3% down. So my question is this, can I get a loan to pay the difference so that I can have the PMI dropped?? Thanks in advance for any advice.
Re: Loan to paydown principal to get rid of PMI?? - Posted by James Strange
Posted by James Strange on July 08, 2003 at 15:28:02:
How long have you been in the new home? You may be able to get a nee loan based on the appraised value. Perhaps an 80-10 or 75-10 ect. What is your LTV to FMV?