Posted by Ed Garcia on December 29, 1998 at 10:36:16:
You don?t say how long you have been living in the property.
A rule of thumb is after 2 years if you can show proof of property value
increase (via new appraisal) you can get PMI removed from your loan.
I?m sorry to say that this is not always an easy task, due to the fact that
most lenders, either sell off their loans or are just hard to contact and
find the right party that will get this done.
Today when you contact the larger mortgage companies, you?ll get their
automated telephone service that puts you into a tail spin.
Then from their you?ll get passed around from department to department
if you don?t get accidentally hung up on.
Unfortunately each company is different and this answer is not carved
in stone. But with a little tenacity, you can get the job done.