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MissJones
I need a nap!
Member since 5/05 22134 total posts
Name:
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Has anyone gotten PMI obliterated from their payments?
We're supposed to pay PMI till 2014 but our lawyer mentioned something about having it reduced after one year by having the bank appraise the apartment again. Has anyone done this and can you tell me how you did it? TIA 
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Posted 2/24/06 12:29 PM  |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: Has anyone gotten PMI obliterated from their payments?
You can do one of two things. Yiou can cancel the PMI on your loan, in which case you will need to contact your bank. You'll most likley need an appraisal to determine the value of your property. You will probably also be required to pay for the cost of the appraisal. Another way of cancelling the PMI is to refinance and to get a new loan without PMI.
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| Posted 2/24/06 12:33 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Has anyone gotten PMI obliterated from their payments?
havn't done it....
pmi is when your mortage is more then 80%
to the vaule of your property...
once you get an apprasil (typically, 1 year) after been living in your home and the vaule increase, (and you fall below the 80%) then PMI drops...
apprasil will look at your unit + comps in the area to determine value...20% is alot in 1 year time for a peice of property to increase (IMO)
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| Posted 2/24/06 12:36 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Has anyone gotten PMI obliterated from their payments?
Don't refinance. After a year of owning the house... demand to the bank that they have the house reappraised.
If you have at least 20% equity.. they are supposed to remove it.
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| Posted 2/24/06 12:40 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Has anyone gotten PMI obliterated from their payments?
refinancing is the much more expensive option. There's really no need to refi to get rid of PMI, unless you're also looking for cash out or a better rate, etc. Have you been in the place for over a year? House prices have levelled off lately, but you may already have enough equty built up, especially if you started with some downpayment.
Contact your bank/mortgage company and see what their procedures are. Sometimes they'll require that you use one their approved appraisers.
With the housing increases over the last few years, no one (on Long Island) should be paying PMI if they've been in the house at least two years.
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| Posted 2/24/06 2:42 PM |
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christy
Mommy of 2
Member since 5/05 6787 total posts
Name:
Christy
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Re: Has anyone gotten PMI obliterated from their payments?
We just got out of PMI a couple of months ago. We needed to be in the condo for 2 years and it had to increase in value a certain percentage, which it did plus more thank goodness! It is so nice not paying PMI anymore.
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| Posted 2/24/06 3:50 PM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: Has anyone gotten PMI obliterated from their payments?
Posted by DjPiLL
Don't refinance. After a year of owning the house... demand to the bank that they have the house reappraised.
If you have at least 20% equity.. they are supposed to remove it.
How do I go about demanding that they reappraise the house? They're telling me I have to contact & pay for an appraisal.
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| Posted 2/25/06 7:08 AM |
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chris605
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Member since 5/05 3204 total posts
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Re: Has anyone gotten PMI obliterated from their payments?
We will be in the house 5/1 for one year - and have done some work in the house - i know we didnt put ALOT done - a small amount really - but do you think i can get rid of PMI now???? And RE or Mortgage people out there can provide me some assistance that would be GREATLY appreciated....
TIA
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| Posted 2/25/06 9:09 AM |
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MissJones
I need a nap!
Member since 5/05 22134 total posts
Name:
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Re: Has anyone gotten PMI obliterated from their payments?
Whether you are buying a new place or just having it appraised for a refi, you still have to pay for the appraisel. As far as I know, it's less than $300 or so. Our lawyer told us to make sure we get a certified appraiser, meaning ask the bank for their appraiser so that we wouldn't run the risk of having to get it appraised again by someone the banks use.
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| Posted 2/25/06 10:02 AM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Has anyone gotten PMI obliterated from their payments?
Posted by chris605
We will be in the house 5/1 for one year - and have done some work in the house - i know we didnt put ALOT done - a small amount really - but do you think i can get rid of PMI now???? And RE or Mortgage people out there can provide me some assistance that would be GREATLY appreciated....
TIA
Banks require you to wait at least a year. The market hasn't increased as much in the last year as it did in the years prior. So whether or not you have 20% equity now will depend in part on how much you put down when you bought it. Market increases alone won't get you to 20%.
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| Posted 2/25/06 1:24 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Has anyone gotten PMI obliterated from their payments?
Posted by MissJones
Whether you are buying a new place or just having it appraised for a refi, you still have to pay for the appraisel. As far as I know, it's less than $300 or so. Our lawyer told us to make sure we get a certified appraiser, meaning ask the bank for their appraiser so that we wouldn't run the risk of having to get it appraised again by someone the banks use.
I am a certified appraiser. Definitely check with your bank about their requirements. Sometimes they want one of their own "approved" appraisers, and sometimes they don't care. Banks don't necessarily want to make it easy to get rid of PMI, since thats money out of their pocket.
$300 is an average appraisal fee.
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| Posted 2/25/06 1:29 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Has anyone gotten PMI obliterated from their payments?
Posted by nrthshgrl
Posted by DjPiLL
Don't refinance. After a year of owning the house... demand to the bank that they have the house reappraised.
If you have at least 20% equity.. they are supposed to remove it.
How do I go about demanding that they reappraise the house? They're telling me I have to contact & pay for an appraisal.
Read the terms and conditions of your mortgage contract. It might be on the truth in lending disclosure form.
Usually you have to wait 1-2 years before you can start the process. But every bank has their own way of doing this... the best thing to do is call them.
You can't just go out... get your own appraisal and then show it to them. You have to use their approved appraisers.
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| Posted 2/25/06 10:14 PM |
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CaseyGirl
Mommy to 3 Boys :)
Member since 5/05 19978 total posts
Name:
Jen - counting my blessings...
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Re: Has anyone gotten PMI obliterated from their payments?
Yes, we did when we re-fi'd.
ETA: we did this after being in our house for 6 months...I live in NJ, so maybe it's different here ?
Message edited 2/25/2006 10:44:04 PM.
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| Posted 2/25/06 10:43 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Has anyone gotten PMI obliterated from their payments?
Posted by DjPiLL
You can't just go out... get your own appraisal and then show it to them. You have to use their approved appraisers.
Often you CAN just hire and appraiser and submit the paperwork to the bank. Some banks just want to see an appraisal, others requires one from their approved list but not every bank has a "list". Find out the specifics for you bank.
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| Posted 2/26/06 10:10 AM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Has anyone gotten PMI obliterated from their payments?
Posted by MrsTC
Yes, we did when we re-fi'd.
ETA: we did this after being in our house for 6 months...I live in NJ, so maybe it's different here ?
the year waiting period doesn't apply to refi's.
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| Posted 2/26/06 10:10 AM |
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MissJones
I need a nap!
Member since 5/05 22134 total posts
Name:
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Re: Has anyone gotten PMI obliterated from their payments?
I'm bumping b/c I'm curious if anyone did it. How was the process???
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| Posted 2/22/08 8:34 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
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Re: Has anyone gotten PMI obliterated from their payments?
this is my goal for this year. We are in our house 4 years & there are excellent new comps for an appraiser to use now.
I friggin hate talking to my crappy mortgage company on the phone, I can never get anyone that speaks english as their first language but I'm going to force myself to spend the time on the phone with them to figure out how I can get it done. I'll let you know when I make some progress.
We got rid of PMI on one of our investments properties be refinancing, but I don't want to re-fi my house.
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| Posted 2/22/08 8:40 AM |
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MissJones
I need a nap!
Member since 5/05 22134 total posts
Name:
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Re: Has anyone gotten PMI obliterated from their payments?
Well, I submitted my request to delete PMI to Countrywide. We should hear something in 3 weeks.
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| Posted 2/22/08 8:55 AM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Has anyone gotten PMI obliterated from their payments?
Posted by MissJones
Well, I submitted my request to delete PMI to Countrywide. We should hear something in 3 weeks.
Good Luck. We did this almost 2 yrs ago with our bank, Teachers Federal and we no longer pay PMI.
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| Posted 2/22/08 9:03 AM |
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JennasMom
?**?
Member since 11/05 3463 total posts
Name:
does it matter
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Re: Has anyone gotten PMI obliterated from their payments?
We have been tryimg to do this with Wells Fargo and they keep telling up no. We had the house appraised in 05 for a HELOC and it came in over 130K more than we paid. what sould i be doing
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| Posted 2/22/08 2:41 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Has anyone gotten PMI obliterated from their payments?
Posted by JennasMom
We have been tryimg to do this with Wells Fargo and they keep telling up no. We had the house appraised in 05 for a HELOC and it came in over 130K more than we paid. what sould i be doing
I did with GMAC several years ago. I told them is they did not want to do it, I was going to refinance with another lender. They had first told me no. I submitted everything and they removed the PMI.
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| Posted 2/22/08 2:45 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Has anyone gotten PMI obliterated from their payments?
Posted by JennasMom
We have been tryimg to do this with Wells Fargo and they keep telling up no. We had the house appraised in 05 for a HELOC and it came in over 130K more than we paid. what sould i be doing
You probably have to use one of their appraisers so there is no conflict of interest on your part. Ask them for a list of approved appraisers to use for a PMI removal.
Property appreciates and this should be taken off if you have less than 80% LTV based on a new appraisal. But the lender doesn't have to do this and they can resist having this removed if the LTV is calculated based on an updated appraisal.
I do know that if you have made enough payments on your mortgage that brings you down to 80% LTV based on what you bought the house for and financed with them, I think by law they MUST take off PMI at your request.
Good luck! 
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| Posted 2/22/08 2:49 PM |
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