[ARCHIVED THREAD] - PMI

Posted: 5/3/2006 5:22:43 AM EDT

Has anyone here had much luck getting the PMI removed from a mortgage?

When we bought our new house it appraised at almost $40,000 more than the purchase price. The mortgage company won't accept the appraisal until it was lowered. Since we didn't have 20% down (the loan to propoerty value ratio) we hade to pay for PMI.

We have been in the house for 13 months. Several houses with fewer upgrades have sold for $50-60,000 more than we paid. Two are even listed but haven't sold at $100,000 more than we paid.

I know the mortgage company probably won't want to drop the PMI. What do I need to do to get them to drop it?

Appraisal?

Threaten to refinance?

Refinance?

Posted: 5/3/2006 5:24:09 AM EDT

[#1]

I did a refi.

Posted: 5/3/2006 5:27:53 AM EDT

[#2]

Quoted:
I did a refi.

Me too, few years ago, got a better rate and dropped PMI.

Posted: 5/3/2006 5:28:34 AM EDT

[#3]

you should have told that mortgage company to pound sand when they wanted the value reduced in the first place

Posted: 5/3/2006 5:30:35 AM EDT

[#4]

Quoted:
you should have told that mortgage company to pound sand when they wanted the value reduced in the first place

Lenders go off of the lesser value on a purchase - if he bought the home for 80K and it was worth 120K, the lender still sees it as 80K.

Posted: 5/3/2006 5:31:06 AM EDT

[#5]

I did a refi also and got rid of the PMI.

Posted: 5/3/2006 5:40:02 AM EDT

[#6]

Quoted:
Quoted:
you should have told that mortgage company to pound sand when they wanted the value reduced in the first place

Lenders go off of the lesser value on a purchase - if he bought the home for 80K and it was worth 120K, the lender still sees it as 80K.

That can be waived if you ask. (most lenders)

Posted: 5/3/2006 5:44:01 AM EDT

[#7]

I did an 80/10/10 mortgage and never had to pay it. Didn't have the 20% at the beginning but now I've paid off the 10% loan and just have the original note.

Posted: 5/3/2006 5:44:01 AM EDT

[#8]

Quoted:
Quoted:
Quoted:
you should have told that mortgage company to pound sand when they wanted the value reduced in the first place

Lenders go off of the lesser value on a purchase - if he bought the home for 80K and it was worth 120K, the lender still sees it as 80K.

That can be waived if you ask. (most lenders)

Which ones?

Posted: 5/3/2006 5:47:49 AM EDT

[#9]

Quoted:
I did an 80/10/10 mortgage and never had to pay it. Didn't have the 20% at the beginning but now I've paid off the 10% loan and just have the original note.

You didn't have to because no loan was over 80%.

Smart financing - all the interest is tax deductible and PMI is not.

Posted: 5/3/2006 5:50:05 AM EDT

[#10]

Quoted:
Quoted:
Quoted:
Quoted:
you should have told that mortgage company to pound sand when they wanted the value reduced in the first place

Lenders go off of the lesser value on a purchase - if he bought the home for 80K and it was worth 120K, the lender still sees it as 80K.

That can be waived if you ask. (most lenders)

Which ones?

dunno, I'm no longer in RE finance. Maybe it's just on jumbos or non-conforming loans.

I can tell you for sure that I had it waived when I purchased my current house, and my lender is Indy Mac.

Warning

Confirm Action

[ARCHIVED THREAD] - PMI

[ARCHIVED THREAD] - PMI