Removing PMI Early!

Discover the ways to remove private mortgage insurance without refinancing. Most of them are based on the original value or purchase price which does not take into account any appreciation. Removing PMI in as short as 2 -3 years can be easier than you think when you consider the appreciation and principal reduction method. Late payments can be a hindrance to eliminating private mortgage insurance, PMI.

[mandatorymyocarditisii]

I got an estimate from Zillow for around 285K. My lender, Wells Fargo, wanted $325 for an appraisal. The appraisal came in at 275 and they removed the PMI. Last Oct was the first month they took off the PMI. I'm breaking even after 5 months. PMI is a total ripoff so screw the lender. They're not getting my money from now on.

[rdbeaz]

Just sue the bank I sued Wells Fargo in small claims court. They dropped my pmi I dropped my case

[roshnashrestha]

I purchased a property on August 2024 and I made a huge extra payment on the first monthly payment which is more than 30% of the loan amount.Can I get rid of the PMI before two years? Please advise

[stevenk]

Thank you for this information. If you were to go with the third method, would the appraisal cause your property taxes to increase if your house’s appraised value went up?

[bkaner]

Are there any cons to getting your property appraised? We are currently paying our PMI, but we’re at 88% remaining on the loan. I know our home value exceeds what we need to remove PMI. And our lender stated it would cost $400-$650 for an appraisal.

[jo-annmacneill]

mine is conventional. I’ve owned it since May of last year I’m paying PMI so do I have to keep it for two years before I can ask for an appraisal is Massachusetts a state I am in

[jaimebeuskinman]

So helpful Gordon! All home owners should listen to this who have MI. Thanks!

[raaltamirano]

Does mortgage forbearance count as late payments? I'm trying to remove PMI but don't know if I have to wait 2 years.

[aprilcloyce]

My pmi is 300 a month. Home is 390 my down payment 30g my rate is 5.125 is my pmi too high Ty I have a conventional loan

[jasonxable]

I purchased my home for 340k and i purchased it August of 2020 I reached my 2 years with my home and never missed a payment. My equity is nearly 190k so your saying I can write a letter to my lender for removal?

[PhoenicianinthePhilippines]

So if I been in my home for 1 year and currently owe 207K and the value of my home is 300K, your saying I still can't remove PMI, because the minimum 2 year requirement for conventional loan hasn't been met?