Posted by Ed Garcia on December 29, 1998 at 10:36:16:
Mr. Long:
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.
Posted by JAMES LONG on December 29, 1998 at 08:09:45:
I HAVE A PMI ON MAY LOAN.I WAS A FRIST TIME BUYER AND ONLY HAD 10%DOWN.IS THERE ANY WAY I CAN GET THAT PMI OFF MY LOAN.SINCE I MOVED IN I REMODELED THE WHOLE INSIDE OF THE HOUSE,AND ADDED A NEW BATHROOM.I LIVE IN AKRON,OHIO.
Posted by laurie on December 29, 1998 at 17:19:45:
James,
there are some lenders that don’t require you to wait any time at all. It all has to do with the appraisal. The appraisal has to do with mostly what the houses have been selling for in your area. You might be ok since you put 10% down because you only need 20% down (80%ltv) to drop off pmi.Just have your loan officer call the appraiser ahead of time to see what houses have been selling for and get the comparables before you spend any money. If you go through a broker they will most likely be able to find the lender who requires no limitations on time.