PMI/ FHA Insurance
My question is a little longer-term in regards to PMI. Has anyone had experience getting appraised “out” of PMI? Obviously, RE values have to go up (or your principal payments bring you to 20% equity) Just curious what experience people have had getting out of PMI or FHA insurance. Thanks.
My question is a little longer-term in regards to PMI. Has anyone had experience getting appraised “out” of PMI? Obviously, RE values have to go up (or your principal payments bring you to 20% equity) Just curious what experience people have had getting out of PMI or FHA insurance. Thanks.
I second Denton – call your bank. They all seem to have different requirements. I inquired about this recently and the bank mailed me a long letter about what is required to get out. Ours, for example, requires you to hold the PMI for minimum amount of time. (can’t remember the figure now, a year or 2 years)
thanks for the input
Not all banks will allow you to re-appraise out. Call your bank. By law when you call they will have to send you the procedures to get out.
We did the same as Lesloaf several years ago.
We did it with ease through a refi.
We did this a few years ago, and it was a piece of cake. We just called the bank that holds our mortgage and told them we wanted to get rid of the PMI. They scheduled us with their appraiser, who came by and took some photos and measurements and prepared a report. He charged us something like $200. He sent the report to the bank, and they took care of it. Other than scheduling a time to be home for the appraiser, it took no effort at all.
Hope this helps.